Thug Life Company provided the following information at year-end: Cost - Retail Inventory, January 1 = 700,000 - 1,100,000 Purchases = 4,200,000 - 5,700,000 Additional markup 200,000 Markdown 100,000 Sales 5,400,000 Under the approximate lower of average cost or NRV retail method, what is the inventory at year-end?

Thug Life Company provided the following information at year-end: Cost - Retail Inventory, January 1 = 700,000 - 1,100,000 Purchases = 4,200,000 - 5,700,000 Additional markup 200,000 Markdown 100,000 Sales 5,400,000 Under the approximate lower of average cost or NRV retail method, what is the inventory at year-end?

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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