At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year

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At December 31, 2019, the following information was available from Crisford Company’s books:

Cost Retail $14,700 83,300 Inventory, 1/1/2019 20,300 115,500 4,200 $98,000 $140,000 Purchases Net Additional markups Av

Sales for the year totaled $110,600; markdowns amounted to $1,400. Under the approximate lower of average cost or market retail method, Crisford’s inventory at December 31, 2019, was:
a. $30,800
b. $28.000
c. $21,560
d. $19,600

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Intermediate Accounting Reporting and Analysis

ISBN: 978-1337788281

3rd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Question Posted: Jul 09, 2019 11:48 AM

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At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year

Question:

Cost Retail $14,700 83,300 Inventory, 1/1/2019 20,300 115,500 4,200 $98,000 $140,000 Purchases Net Additional markups Available for sale

Step by Step Answer:

d 140000 1...View the full answer

Intermediate Accounting Reporting and Analysis

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