Portman Incorporated uses the conventional retail inventory method. Expres account is expressed in the table below: Beginning inventory Purchases Freight-in Purchase returns. Net markups Net markdowns Normal spoilage Net sales Cost $ 155 1,360 130 145 Retail $ 290 3,170 315 555 300 160 2,940
Portman Incorporated uses the conventional retail inventory method. Expres account is expressed in the table below: Beginning inventory Purchases Freight-in Purchase returns. Net markups Net markdowns Normal spoilage Net sales Cost $ 155 1,360 130 145 Retail $ 290 3,170 315 555 300 160 2,940
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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dont give answer answer in image format

Transcribed Image Text:Multiple Choice
O
$122 million
$552 million
$300 million
None of the other answer choices are correct

Transcribed Image Text:Portman Incorporated uses the conventional retail inventory method. Expressed in millions of dollars, information about Portman's 2024 inventory
account is expressed in the table below:
Beginning inventory
Purchases
Freight-in
Purchase returns.
Net markups
Net markdowns
Normal spoilage
Net sales
Cost
$ 155
1,360
130
145
Retail
$ 290
3,170
315
555
300
160
2,940
What is the value of Portman's inventory at 12/31/2024?
Note: Do not round intermediate calculations.
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