Question
2019 Account Cost Retail Inv, Jan 1 $ 4,000 9,000 Purchases 11,000 19,000 Freight In 2,000 Markups 1,000 Markup Cancelations 300 Markdowns 500 Markdown Cancelations
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| 2019 | |
| Account | Cost | Retail |
| Inv, Jan 1 | $ 4,000 | 9,000 |
| Purchases | 11,000 | 19,000 |
| Freight In | 2,000 |
|
| Markups |
| 1,000 |
| Markup Cancelations |
| 300 |
| Markdowns |
| 500 |
| Markdown Cancelations |
| 100 |
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|
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| Net Sales |
| 14,000 |
| Employee Discounts |
| 1,500 |
| Normal Shortage |
| 500 |
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- Using the Conventional Method, what is the Cost-to-Retail Ratio for 2019?
- Using the Conventional Method, what is the ending inventory valued at Cost for 2019?
- Using the LIFO Retail Method, what is the Cost-to-Retail Ratio for 2019?
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Advanced Financial Accounting
Authors: Theodore Christensen, David Cottrell, Cassy Budd
12th Edition
1260165116, 9781260165111
