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Purchases Purchase returns Purchase discounts Gross sales (before employee discounts) 750,500 1,319,000 45,900 13,100 64,300 1,232,000

Purchases Purchase returns Purchase discounts Gross sales (before employee discounts) 750,500 1,319,000 45,900 13,100 64,300 1,232,000

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 Sunland Inc. Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales (before employee discounts) Sales returns Markups: Markup cancellations Markdowns Markdown cancellations. Freight-in Employee discounts granted Loss from breakage (normal) Cost $173,800 750,500 45,900 13,100 40,100 Retail $262,000 1,319,000 64,300 1,232,000 50,500 67,600 15,700 82,100 19,500 11,100 8,900 Assuming that Sunland Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2026. (Round ratios for computational purposes to O decimal places, eg 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory using the conventional retail inventory method $
Transcribed Image Text:Presented below is information related to Sunland Inc. Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales (before employee discounts) Sales returns Markups: Markup cancellations Markdowns Markdown cancellations. Freight-in Employee discounts granted Loss from breakage (normal) Cost $173,800 750,500 45,900 13,100 40,100 Retail $262,000 1,319,000 64,300 1,232,000 50,500 67,600 15,700 82,100 19,500 11,100 8,900 Assuming that Sunland Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2026. (Round ratios for computational purposes to O decimal places, eg 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory using the conventional retail inventory method $
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