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Metlock Inc. had beginning inventory of $12,400 at cost and $21,700 at retail. Net purchases were $112,040 at cost and $175,900 a retail. Net markups were $9,800, net markdowns were $7,700, and sales revenue was $135,100. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional retail method $

Metlock Inc. had beginning inventory of $12,400 at cost and $21,700 at retail. Net purchases were $112,040 at cost and $175,900 a retail. Net markups were $9,800, net markdowns were $7,700, and sales revenue was $135,100. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional 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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Current Attempt in Progress Metlock Inc. had beginning inventory of $12,400 at cost and $21,700 at retail. Net purchases were $112,040 at cost and $175,900 at retail. Net markups were $9,800, net markdowns were $7,700, and sales revenue was $135,100. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory using the conventional retail method
Transcribed Image Text:Current Attempt in Progress Metlock Inc. had beginning inventory of $12,400 at cost and $21,700 at retail. Net purchases were $112,040 at cost and $175,900 at retail. Net markups were $9,800, net markdowns were $7,700, and sales revenue was $135,100. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory using the conventional retail method
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