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Marigold Inc. had beginning inventory of $ 13,420 at cost and $ 22,000 at retail. Net purchases were $ 118,650 at cost and $ 165,700 at retail. Net markups were $ 10,100, net markdowns were $ 6,300, and sales revenue was $ 143,200. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using LIFO retail method $

Marigold Inc. had beginning inventory of $ 13,420 at cost and $ 22,000 at retail. Net purchases were $ 118,650 at cost and $ 165,700 at retail. Net markups were $ 10,100, net markdowns were $ 6,300, and sales revenue was $ 143,200. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using LIFO retail method $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Marigold Inc. had beginning inventory of $ 13,420 at cost and $ 22,000 at retail. Net purchases were $ 118,650 at cost and $ 165,700 at retail. Net markups were $ 10,100, net markdowns were $ 6,300, and sales revenue was $ 143,200. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to O decimal places, e.g. 28,987.) tA Ending inventory using LIFO retail method $
Transcribed Image Text:Marigold Inc. had beginning inventory of $ 13,420 at cost and $ 22,000 at retail. Net purchases were $ 118,650 at cost and $ 165,700 at retail. Net markups were $ 10,100, net markdowns were $ 6,300, and sales revenue was $ 143,200. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to O decimal places, e.g. 28,987.) tA Ending inventory using LIFO retail method $
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