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Presented below is information related to Teal Company. Cost $280,390 Retail $283,000 1,397,000 2,178,000 Beginning inventory Purchases Markups Markup cancellations 96,800 16,300 Markdowns 33,000 Markdown cancellations. 5,500 Sales revenue 2,226,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28, Ending inventory using conventional retail inventory method $

Presented below is information related to Teal Company. Cost $280,390 Retail $283,000 1,397,000 2,178,000 Beginning inventory Purchases Markups Markup cancellations 96,800 16,300 Markdowns 33,000 Markdown cancellations. 5,500 Sales revenue 2,226,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28, Ending inventory using conventional retail inventory method $

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 Teal Company. Cost $280,390 Retail $283,000 1,397,000 2,178,000 Beginning inventory Purchases Markups Markup cancellations 96,800 16,300 33,000 5,500 2,226,000 Markdowns Markdown cancellations Sales revenue Compute the inventory by the conventional retail inventory method. (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 conventional retail inventory method
Transcribed Image Text:Presented below is information related to Teal Company. Cost $280,390 Retail $283,000 1,397,000 2,178,000 Beginning inventory Purchases Markups Markup cancellations 96,800 16,300 33,000 5,500 2,226,000 Markdowns Markdown cancellations Sales revenue Compute the inventory by the conventional retail inventory method. (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 conventional retail inventory method
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