Sarasota Inc. had beginning inventory of $23,000 at cost and $31,000 at retail. Net purchases were $155,112 at cost and $207,000 at retail. Net markups were $12,000, net markdowns were $8,000, and sales were $192,000. Calculate the ending inventory at cost using the retail method. (Round cost-to-retail ratio to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Ending inventory $

Sarasota Inc. had beginning inventory of $23,000 at cost and $31,000 at retail. Net purchases were $155,112 at cost and $207,000 at retail. Net markups were $12,000, net markdowns were $8,000, and sales were $192,000. Calculate the ending inventory at cost using the retail method. (Round cost-to-retail ratio to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Ending inventory $

Name: K3. Sarasota Inc. had beginning inventory of $23,000 at cost and $31,0
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Description: K3. Sarasota Inc. had beginning inventory of $23,000 at cost and $31,000 at retail. Net purchases were $155,112 at cost and $207,000 atretail. Net markups were $12,000, net markdowns were $8,000, and sales were $192,000.Calculate the ending inventory

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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