Plank Co. uses the retail inventory method. The following information is available for the current year. Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns Sales revenue $383,600 $379,680 $392,000 Cost $312,000 $409,920 1,180,000 20,000 Retail $488,000 The approximate cost of the ending inventory by the conventional retail method is: 1,660,000 8,000 60,000 80,000 1,560,000

Plank Co. uses the retail inventory method. The following information is available for the current year. Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns Sales revenue $383,600 $379,680 $392,000 Cost $312,000 $409,920 1,180,000 20,000 Retail $488,000 The approximate cost of the ending inventory by the conventional retail method is: 1,660,000 8,000 60,000 80,000 1,560,000

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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