Vaughn Inc. had beginning inventory of $11,160 at cost and $18,600 at retail. Net purchases were $141,750 at cost and $186,300 at retail. Net markups were $9,800, net markdowns were $7,100, and sales revenue was $158,300. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to 1 decimal place, es 78.7% and final answer to 0 decimal places, e.g. 28,987.) Ending Inventory using LIFO retail method $

Vaughn Inc. had beginning inventory of $11,160 at cost and $18,600 at retail. Net purchases were $141,750 at cost and $186,300 at retail. Net markups were $9,800, net markdowns were $7,100, and sales revenue was $158,300. Compute ending inventory at cost using the LIFO retail method. (Round ratios for computational purposes to 1 decimal place, es 78.7% and final answer to 0 decimal places, e.g. 28,987.) Ending Inventory using LIFO retail method $

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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