Oriole Inc. had beginning inventory of $11,330 at cost and $20,600 at retail. Net purchases were $119,340 at cost and $181,000 at retail. Net markups were $9,500, net markdowns were $6,900, and sales revenue was $150,50C 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 $ tA
Oriole Inc. had beginning inventory of $11,330 at cost and $20,600 at retail. Net purchases were $119,340 at cost and $181,000 at retail. Net markups were $9,500, net markdowns were $6,900, and sales revenue was $150,50C 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 $ tA
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Oriole Inc. had beginning inventory of $11,330 at cost and $20,600 at retail.
Net purchases were $119,340 at cost and $181,000 at retail. Net markups
were $9,500, net markdowns were $6,900, and sales revenue was $150,500.
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
LA
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F393f50af-cc90-4d35-ab26-4795788cf06f%2F5373523a-46c5-423b-8582-312b227346af%2Fv1herv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Oriole Inc. had beginning inventory of $11,330 at cost and $20,600 at retail.
Net purchases were $119,340 at cost and $181,000 at retail. Net markups
were $9,500, net markdowns were $6,900, and sales revenue was $150,500.
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
LA
$
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