When you undertook the preparation of the financial statements for Telfer Company at December 31, 2023, the following data were available: Inventory, 12/31/2022 (Cost) $70,800 Inventory, 12/31/2022 (Retail) $98,500 Markups 63,000 Markdowns 35,000 Markup cancellations 10,000 Markdown cancellations 20,000 Purchases (Retail) 294,000 Purchases (Cost) 219,500 Sales 325,000 Sales returns and allowances 10,000 Purchases returns (Retail) 5,500 Purchases returns (Cost) 4,300 Instructions Calculate the value of Telfer's ending inventory for the current year using the Conventional Retail Inventory method.
When you undertook the preparation of the financial statements for Telfer Company at December 31, 2023, the following data were available: Inventory, 12/31/2022 (Cost) $70,800 Inventory, 12/31/2022 (Retail) $98,500 Markups 63,000 Markdowns 35,000 Markup cancellations 10,000 Markdown cancellations 20,000 Purchases (Retail) 294,000 Purchases (Cost) 219,500 Sales 325,000 Sales returns and allowances 10,000 Purchases returns (Retail) 5,500 Purchases returns (Cost) 4,300 Instructions Calculate the value of Telfer's ending inventory for the current year using the Conventional Retail Inventory method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:When you undertook the preparation of
the financial statements for Telfer Company
at December 31,
2023, the following data were available:
Inventory, 12/31/2022 (Cost) $70,800
Inventory, 12/31/2022 (Retail) $98,500
Markups 63,000 Markdowns 35,000
Markup cancellations 10,000 Markdown
cancellations 20,000
Purchases (Retail) 294,000 Purchases (Cost)
219,500
Sales 325,000 Sales returns and allowances
10,000
Purchases returns (Retail) 5,500 Purchases
returns (Cost) 4,300
Instructions
Calculate the value of Telfer's ending
inventory for the current year using the
Conventional Retail
Inventory method.
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