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Presented below is information related to Concord Company. Beginning inventory Purchases Markups Cost $224,728 Retail $281,000 1,385,000 2,156,000 93,800

Presented below is information related to Concord Company. Beginning inventory Purchases Markups Cost $224,728 Retail $281,000 1,385,000 2,156,000 93,800

FINANCIAL ACCOUNTING
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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Presented below is information related to Concord Company. Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Cost Retail $224,728 $281,000 1,385,000 2,156,000 93,800 15,600 37,900 4,500 2,192,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $ 176355
Transcribed Image Text:Presented below is information related to Concord Company. Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Cost Retail $224,728 $281,000 1,385,000 2,156,000 93,800 15,600 37,900 4,500 2,192,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $ 176355
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