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The following information is available for the past month for a retail store: Sales Markups Markdowns Purchases (at cost) Purchases (at retail) Beginning inventory (at cost) Beginning inventory (at retail) $38,870 $164,186 $78,000 $87,000 What is the ending inventory at cost using the conventional retail method? $28,570 $9,000 $9,000 $38,800 $107,000 $30,000 $48,186

The following information is available for the past month for a retail store: Sales Markups Markdowns Purchases (at cost) Purchases (at retail) Beginning inventory (at cost) Beginning inventory (at retail) $38,870 $164,186 $78,000 $87,000 What is the ending inventory at cost using the conventional retail method? $28,570 $9,000 $9,000 $38,800 $107,000 $30,000 $48,186

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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The following information is available for the past month for a retail store: Sales Markups Markdowns Purchases (at cost) Purchases (at retail) Beginning inventory (at cost) Beginning inventory (at retail) $38,870 $164,186 $78,000 $87,000 $28,570 $9,000 $9,000 What is the ending inventory at cost using the conventional retail method? $38,800 $107,000 $30,000 $48,186
Transcribed Image Text:The following information is available for the past month for a retail store: Sales Markups Markdowns Purchases (at cost) Purchases (at retail) Beginning inventory (at cost) Beginning inventory (at retail) $38,870 $164,186 $78,000 $87,000 $28,570 $9,000 $9,000 What is the ending inventory at cost using the conventional retail method? $38,800 $107,000 $30,000 $48,186
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