Presented below is information related to Flounder Company. Cost Retail Beginning inventory $148,740 $285,000 Purchases 1,359,000 2,148,000 Markups 96,200 Markup cancellations 16,300 Markdowns 31,800 Markdown cancellations 4,700 Sales revenue 2,209,000 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. 28,987.)
Presented below is information related to Flounder Company. Cost Retail Beginning inventory $148,740 $285,000 Purchases 1,359,000 2,148,000 Markups 96,200 Markup cancellations 16,300 Markdowns 31,800 Markdown cancellations 4,700 Sales revenue 2,209,000 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. 28,987.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Presented below is information related to Flounder Company.
|
Cost
|
Retail
|
|||
|---|---|---|---|---|
|
Beginning inventory
|
$148,740 | $285,000 | ||
|
Purchases
|
1,359,000 | 2,148,000 | ||
|
Markups
|
96,200 | |||
|
Markup cancellations
|
16,300 | |||
|
Markdowns
|
31,800 | |||
|
Markdown cancellations
|
4,700 | |||
|
Sales revenue
|
2,209,000 |
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. 28,987.)
| Ending inventory using conventional retail inventory method |
Transcribed Image Text:Presented below is information related to Flounder Company.
Cost
Retail
Beginning inventory
$148,740
$285,000
Purchases
1,359,000
2,148,000
Markups
96,200
Markup cancellations
16,300
Markdowns
31,800
Markdown cancellations
4,700
Sales revenue
2,209,000
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 O decimal places, e.g. 28,987.)
Ending inventory using conventional retail inventory method
$
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