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Portman Inc. uses the conventional retail inventory method. Expressed in millions of dollars, information about Portman's 2020 inventory account is expressed in the table below: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales Cost 55 1,160 30 45 Retail 90 2,170 115 225 100 60 1,940 At what amount would Portman record its inventory on its 12/31/20 balance sheet? a. $150 million. b. $252 million. c. $300 million. d. Snone of the above.

Portman Inc. uses the conventional retail inventory method. Expressed in millions of dollars, information about Portman's 2020 inventory account is expressed in the table below: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales Cost 55 1,160 30 45 Retail 90 2,170 115 225 100 60 1,940 At what amount would Portman record its inventory on its 12/31/20 balance sheet? a. $150 million. b. $252 million. c. $300 million. d. Snone of the above.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Portman Inc. uses the conventional retail inventory method. Expressed in millions of dollars, information about Portman's 2020 inventory account is expressed in the table below: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales Cost 55 1,160 30 45 Retail 90 2,170 115 225 100 60 1,940 At what amount would Portman record its inventory on its 12/31/20 balance sheet? a. $150 million. b. $252 million. c. $300 million. d. $none of the above.
Transcribed Image Text:Portman Inc. uses the conventional retail inventory method. Expressed in millions of dollars, information about Portman's 2020 inventory account is expressed in the table below: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales Cost 55 1,160 30 45 Retail 90 2,170 115 225 100 60 1,940 At what amount would Portman record its inventory on its 12/31/20 balance sheet? a. $150 million. b. $252 million. c. $300 million. d. $none of the above.
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