What is the amount of ending inventory at Retail on June 30, 2023? [A] 1,180,000 [B] 880,000 [C] 800,000 [D] 900,000 Orange Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to theinventory computation at June 30, 2023 are as follows:Inventory, January 1Net purchasesNet mark-upsNet markdownsSalesSales returnsEmployee discountSales discountNormal shrinkageCOST820,0002,280,000RETAIL1,262,8003,607,200450,000320,0004,350,000300,000100,00080,00050,000RSITY

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Description: What is the amount of ending inventory at Retail on June 30, 2023? [A] 1,180,000 [B] 880,000 [C] 800,000 [D] 900,000 Orange Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to theinventory c

Ending inventory is also known as closing inventory which is left with the company at the end of a…

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What is the amount of ending inventory at Retail on June 30, 2023? [A] 1,180,000 [B] 880,000 [C] 800,000 [D] 900,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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What is the amount of ending inventory at Retail on June 30, 2023? [A] 1,180,000 [B] 880,000 [C] 800,000 [D] 900,000

Orange Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the
inventory computation at June 30, 2023 are as follows:
Inventory, January 1
Net purchases
Net mark-ups
Net markdowns
Sales
Sales returns
Employee discount
Sales discount
Normal shrinkage
COST
820,000
2,280,000
RETAIL
1,262,800
3,607,200
450,000
320,000
4,350,000
300,000
100,000
80,000
50,000
RSITY

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