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Presented below is information related to Sage Hill, Inc. Beginning inventory Purchases Freight on purchases Markups Markup cancellations Abnormal shortage Markdowns Markdown cancellations Employee discounts Sales revenue Sales returns Normal shortage Purchase returns Cost $348,500 1,558,000 66,420 12,300 Retail $615,000 2,747,000 143,500 114,800 21,320 72,160 9,840 4,264 2,931,500 82,000 14,350 33,620 18,040 Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.) Ending inventory $

Presented below is information related to Sage Hill, Inc. Beginning inventory Purchases Freight on purchases Markups Markup cancellations Abnormal shortage Markdowns Markdown cancellations Employee discounts Sales revenue Sales returns Normal shortage Purchase returns Cost $348,500 1,558,000 66,420 12,300 Retail $615,000 2,747,000 143,500 114,800 21,320 72,160 9,840 4,264 2,931,500 82,000 14,350 33,620 18,040 Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.) Ending inventory $

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 Sage Hill, Inc. Beginning inventory Purchases Freight on purchases Markups Markup cancellations Abnormal shortage Markdowns Markdown cancellations Employee discounts Sales revenue Sales returns Normal shortage Purchase returns Cost $348,500 1,558,000 66,420 12,300 Retail $615,000 2,747,000 143,500 114,800 21,320 72,160 9,840 4,264 2,931,500 82,000 14,350 33,620 18,040 Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.) Ending inventory $
Transcribed Image Text:Presented below is information related to Sage Hill, Inc. Beginning inventory Purchases Freight on purchases Markups Markup cancellations Abnormal shortage Markdowns Markdown cancellations Employee discounts Sales revenue Sales returns Normal shortage Purchase returns Cost $348,500 1,558,000 66,420 12,300 Retail $615,000 2,747,000 143,500 114,800 21,320 72,160 9,840 4,264 2,931,500 82,000 14,350 33,620 18,040 Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.) Ending inventory $
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