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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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