Sandhill Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $389500 ($590000), purchases during the current year at cost (retail) were $3328000 ($5113600), freight-in on these purchases totaled $155500, sales during the current year totaled $4586000, and net markups were $410000. What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places. O $968498. O $1067085. O $1527600. O $807145.

Sandhill Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $389500 ($590000), purchases during the current year at cost (retail) were $3328000 ($5113600), freight-in on these purchases totaled $155500, sales during the current year totaled $4586000, and net markups were $410000. What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places. O $968498. O $1067085. O $1527600. O $807145.

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Description: Please do not give solution in image format thanku Sandhill Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost(retail) were $389500 ($590000), purchases during the current year a

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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