orp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net Purchases @ cost = $1,475,000, @ retail = $2,350,000 In addition, Mark-ups were $95,000 and Mark-up cancellations were $5,000. Mark-downs were $50,000 and Mark-down cancellations
orp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net Purchases @ cost = $1,475,000, @ retail = $2,350,000 In addition, Mark-ups were $95,000 and Mark-up cancellations were $5,000. Mark-downs were $50,000 and Mark-down cancellations
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...
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SMCC Retail Corp had the following info:
Beg inventory @ cost = $400,000, @ retail =$790,000
Net Purchases @ cost = $1,475,000, @ retail = $2,350,000
In addition, Mark-ups were $95,000 and Mark-up cancellations were $5,000. Mark-downs were $50,000 and Mark-down cancellations were $10,000. Net Sales were $2,250,000.
REQUIRED: Compute Ending Inventory value using the retail inventory method
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