Presented below is information related to Ayayai Company. Cost Retail Beginning inventory $380,418 $282,000 Purchases 1,353,000 2,150,000 Markups 96,700 Markup cancellations 16,500 Markdowns 33,200 Markdown cancellations 4,600 Sales revenue 2,206,000 Compute the inventory by the conventional retail inventory method.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...
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Presented below is information related to Ayayai Company.
Cost
Retail
Beginning inventory
$380,418 $282,000
Purchases
1,353,000 2,150,000
Markups
96,700
Markup cancellations
16,500
Markdowns
33,200
Markdown cancellations
4,600
Sales revenue
2,206,000
Compute the inventory by the conventional retail inventory method.
Transcribed Image Text:Presented below is information related to Ayayai Company. Cost Retail Beginning inventory $380,418 $282,000 Purchases 1,353,000 2,150,000 Markups 96,700 Markup cancellations 16,500 Markdowns 33,200 Markdown cancellations 4,600 Sales revenue 2,206,000 Compute the inventory by the conventional retail inventory method.
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