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Presented below is information related to Crane Inc. Inventory, 12/31/20 Purchases Purchase returns Cost $246,800 974,100 59,000 Retail $384,500 1,445,200 81,500

Presented below is information related to Crane Inc. Inventory, 12/31/20 Purchases Purchase returns Cost $246,800 974,100 59,000 Retail $384,500 1,445,200 81,500

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 Crane Inc. Inventory, 12/31/20 Purchases Purchase returns. Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns. Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost $246,800 974,100 59,000 17,800 T T 42,800 Retail $384,500 1,445,200 81,500 T 1,426,700 98,600 118,000 40,200 45,400 20,000 7,800 4,600 Assuming that Crane Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional retail inventory method $
Transcribed Image Text:Presented below is information related to Crane Inc. Inventory, 12/31/20 Purchases Purchase returns. Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns. Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost $246,800 974,100 59,000 17,800 T T 42,800 Retail $384,500 1,445,200 81,500 T 1,426,700 98,600 118,000 40,200 45,400 20,000 7,800 4,600 Assuming that Crane Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the conventional retail inventory method $
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