Question 18 and 19: Presented below is information related to Carnation with, Incorporated:CostP 250,000898,50060,00018,000RetailP 390,0001,460,00080,000Inventory, January 1, 2015PurchasesPurchase returnsPurchase discountsSales (net of 2% discounts)Sales returns0--0--0-80,0001,234,80095,550-0-Freight-in18. Assuming that Camation, Inc, uses the average retail inventory method, how much would be thecost of its ending inventory at December 31, 2015?19. Assuming that Carnation, Inc. uses the FIFO retail inventory method, how much would be thecost of its ending inventory at December 31, 20157

Name: Question 18 and 19: Presented below is information related to Carnati
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Description: Question 18 and 19: Presented below is information related to Carnation with, Incorporated:CostP 250,000898,50060,00018,000RetailP 390,0001,460,00080,000Inventory, January 1, 2015PurchasesPurchase returnsPurchase discountsSales (net of 2% discounts)

Retail inventory method: Under this method, the closing stock of inventory is measured using the…

Business

Accounting

Question 18 and 19: Presented below is information related to Carnation with, Incorporated: Inventory, January 1, 2015 Purchases Purchase returns Purchase discounts Sales (net of 29% discounts) Sales returns Freight-in Cost P250,000 898,500 60,000 18,000 Retail P 190,000 1,460,000 80,000 0- 1,234,800 95,550 -0- 80,000 0- 18. Assuming that Camation, Inc. uses the average retail inventory method, how much would be the cost of its ending inventory at December 31, 2015? 19. Assuming that Carnation, Inc. uses the FIFO retail inventory method, how much would be the cost of its ending inventory at December 31, 20157

Question 18 and 19: Presented below is information related to Carnation with, Incorporated: Inventory, January 1, 2015 Purchases Purchase returns Purchase discounts Sales (net of 29% discounts) Sales returns Freight-in Cost P250,000 898,500 60,000 18,000 Retail P 190,000 1,460,000 80,000 0- 1,234,800 95,550 -0- 80,000 0- 18. Assuming that Camation, Inc. uses the average retail inventory method, how much would be the cost of its ending inventory at December 31, 2015? 19. Assuming that Carnation, Inc. uses the FIFO retail inventory method, how much would be the cost of its ending inventory at December 31, 20157

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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