The following data concerning the retail inventory method are taken from the financial records of Sandhill Company. Beginning inventory Purchases Freight-in Net markups Net markdowns Sales O $173,229 O $205.000 $299.987 Cost O$267.872 $205,000 898,000 24,600 111 Retail $271,000 1,240,000 78,900 56,900 Assuming no change in the price level if the LIFO retail inventory method were used in conjunction with the data, the ending inventory at cost would be (round intermediate calculations to 5 decimal places) 1,176,000
The following data concerning the retail inventory method are taken from the financial records of Sandhill Company. Beginning inventory Purchases Freight-in Net markups Net markdowns Sales O $173,229 O $205.000 $299.987 Cost O$267.872 $205,000 898,000 24,600 111 Retail $271,000 1,240,000 78,900 56,900 Assuming no change in the price level if the LIFO retail inventory method were used in conjunction with the data, the ending inventory at cost would be (round intermediate calculations to 5 decimal places) 1,176,000
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 13E: Retail Inventory Method The following information relates to the retail inventory method used by...
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Subject :- Account
Transcribed Image Text:The following data concerning the retail inventory method are taken from the financial records
of Sandhill Company.
Beginning inventory
Purchases
Freight-in
Net markups
Net markdowns
Sales
$173,229
O $205,000
$299.987
W
$267.872
Cost
$205,000
898,000
24,600
Retail
$271,000
1,240,000
Assuming no change in the price level if the LIFO retail inventory method were used in conjunction
with the data, the ending inventory at cost would be (round intermediate calculations to 5 decimal
places)
78,900
56,900
1,176,000
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