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When you undertook the preparation of the financial statements for Crane Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales Ending inventory at lower-of-cost-or-market Save for Later At Cost $ $104,600 25,565 228,400 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) 4,600 At Retail $123,600 15,600 54,400 10,400 12,500 306,000 348,400 5,600 10,400 4,400 Attempts: 0 of 1 used Submit Answer

When you undertook the preparation of the financial statements for Crane Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales Ending inventory at lower-of-cost-or-market Save for Later At Cost $ $104,600 25,565 228,400 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) 4,600 At Retail $123,600 15,600 54,400 10,400 12,500 306,000 348,400 5,600 10,400 4,400 Attempts: 0 of 1 used Submit Answer

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 Crane Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales Ending inventory at lower-of-cost-or-market Save for Later At Cost $ $104,600 25,565 228,400 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) 4,600 At Retail $123,600 15,600 54,400 10,400 12,500 306,000 348,400 5,600 10,400 4,400 Attempts: 0 of 1 used Submit Answer
Transcribed Image Text:When you undertook the preparation of the financial statements for Crane Company at January 31, 2026, the following data were available: Inventory, February 1, 2025 Markdowns, net Markups, net Normal spoilage Abnormal spoilage Purchases Sales revenue Purchases returns and allowances Sales returns and allowances Estimated future returns related to January 2026 sales Ending inventory at lower-of-cost-or-market Save for Later At Cost $ $104,600 25,565 228,400 Compute the ending inventory at cost as of January 31, 2026, using the retail method which approximates lower-of-cost-or-market. (Round cost to retail ratio to 2 decimal places, e.g. 15.25% and final answer to O decimal places, e.g. 5,125.) 4,600 At Retail $123,600 15,600 54,400 10,400 12,500 306,000 348,400 5,600 10,400 4,400 Attempts: 0 of 1 used Submit Answer
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