Presented below is information related to Sheffield Company. Cost RetailBeginning inventory $374,710 $283,000Purchases 1,393,000 2,165,000Markups 93,800Markup cancellations 16,500Markdowns 37,300Markdown cancellations 4,500Sales revenue 2,181,000Compute 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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Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Presented below is information related to Sheffield Company.

	Cost	Retail
Beginning inventory	$374,710	$283,000
Purchases	1,393,000	2,165,000
Markups		93,800
Markup cancellations		16,500
Markdowns		37,300
Markdown cancellations		4,500
Sales revenue		2,181,000

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

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Ending inventory is the amount of closing inventory remained unsold at the end of accounting period.

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