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When you undertook the preparation of the financial statements for Carla Vista Company at January 31, 2021, the following data were available: At Cost At Retail $78,380 $99,200 35,300 62,800 20,300 10,200 288,500 330,000 Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances 4,300 5,900 10,300 Sales returns and allowances Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. Ending inventory at cost 230,000

When you undertook the preparation of the financial statements for Carla Vista Company at January 31, 2021, the following data were available: At Cost At Retail $78,380 $99,200 35,300 62,800 20,300 10,200 288,500 330,000 Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances 4,300 5,900 10,300 Sales returns and allowances Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. Ending inventory at cost 230,000

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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When you undertook the preparation of the financial statements for Carla Vista Company at January 31, 2021, the following data were available: At Cost At Retail $78,380 $99,200 35,300 62,800 20,300 10,200 288,500 330,000 5,900 10,300 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Ending inventory at cost $ 230,000 4,300
Transcribed Image Text:When you undertook the preparation of the financial statements for Carla Vista Company at January 31, 2021, the following data were available: At Cost At Retail $78,380 $99,200 35,300 62,800 20,300 10,200 288,500 330,000 5,900 10,300 Compute the ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of cost or market. Inventory, February 1, 2020 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Ending inventory at cost $ 230,000 4,300
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