**Sheridan Company Inventory Information****Data Table:**- **Beginning Inventory** - Cost: $53,557 - Retail: $72,300 - **Purchases** - Cost: $317,000 - Retail: $559,000 - **Markups** - Retail: $22,800 - **Markup Cancellations** - Retail: $4,000 - **Markdowns** - Retail: $8,100 - **Markdown Cancellations** - Retail: $1,200 - **Sales Revenue** - Retail: $564,000 **Instructions:**Compute the inventory using the conventional retail inventory method. Input your calculation for ending inventory using this method: **Ending inventory using conventional retail inventory method: $____**

Inventory means the material in which the business deals. Inventory can be raw material , work in…

Presented below is information related to Sheridan Company. Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Cost $53,557 317,000 Retail $72,300 559,000 22,800 4,000 8,100 1,200 564,000 Compute the inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method $

Presented below is information related to Sheridan Company. Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue Cost $53,557 317,000 Retail $72,300 559,000 22,800 4,000 8,100 1,200 564,000 Compute the inventory by the conventional retail inventory method. Ending inventory using conventional retail inventory method $

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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Crane Department Store estimates inventory by using the retail inventory method. The following information was developed: At Cost At Retail Beginning inventory $350000 $700000 Goods purchased 850000 1300000 Net sales 1410000 The estimated cost of the ending intentory is O $364000. O $336000. O $354000. O $236000.
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