Question
At December 31, 2017, the following information was available from Sandhill Co.'s accounting records: Cost Retail Inventory, 1/1/17 $ 143000 $ 199000 Purchases 733000 1055000
At December 31, 2017, the following information was available from Sandhill Co.'s accounting records:
Cost Retail
Inventory, 1/1/17 $ 143000 $ 199000
Purchases 733000 1055000
Additional markups 38000
Available for sale $876000 $1292000
Sales for the year totaled $1150000. Markdowns amounted to $9600. Under the lower-of-cost-or-market method, Sandhill's inventory at December 31, 2017 would be what?
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Managerial Accounting Tools For Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
5th Canadian Edition
