SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net Purchases @ cost = $1,475,000, @ retail = $2,350,000 In addition, Mark-ups were $95,000 and Mark-up cancellations were $5,000. Mark-downs were $50,000 and Mark-down cancellations were $10,00 Net Sales were $2,250,000. REQUIRED: Compute Ending Inventory value usir the retail inventory method
SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net Purchases @ cost = $1,475,000, @ retail = $2,350,000 In addition, Mark-ups were $95,000 and Mark-up cancellations were $5,000. Mark-downs were $50,000 and Mark-down cancellations were $10,00 Net Sales were $2,250,000. REQUIRED: Compute Ending Inventory value usir the retail inventory method
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...
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![SMCC Retail Corp had the following info:
Beg inventory @ cost = $400,000, @ retail
=$790,000
Net Purchases @ cost = $1,475,000, @ retail =
$2,350,000
In addition, Mark-ups were $95,000 and Mark-up
cancellations were $5,000. Mark-downs were
$50,000 and Mark-down cancellations were $10,000
Net Sales were $2,250,000.
REQUIRED: Compute Ending Inventory value usin
the retail inventory method](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd5220398-a02a-4f8e-ab05-55b2d65ddb3b%2Fa6794da4-1375-4c36-9f0a-648b27de4a55%2Ffyfhsj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:SMCC Retail Corp had the following info:
Beg inventory @ cost = $400,000, @ retail
=$790,000
Net Purchases @ cost = $1,475,000, @ retail =
$2,350,000
In addition, Mark-ups were $95,000 and Mark-up
cancellations were $5,000. Mark-downs were
$50,000 and Mark-down cancellations were $10,000
Net Sales were $2,250,000.
REQUIRED: Compute Ending Inventory value usin
the retail inventory method
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