Question
4. At December 31, 2021, the following information was available from Rhys Co.s accounting records: Cost Retail Inventory, 1/1/21 $325,000 $ 435,000 Purchases 960,000 1,375,000
4. At December 31, 2021, the following information was available from Rhys Co.s accounting records:
Cost Retail Inventory, 1/1/21 $325,000 $ 435,000 Purchases 960,000 1,375,000 Net markups 15,000 Net markdowns 8,000 Sales 1,350,000
Required: Using the conventional retail method, estimate the cost of Rhys inventory at December 31, 2021.
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Petroleum Accounting: Principles, Procedures; And Issues
Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou
8th Edition
0940966328, 978-0940966321
