Question
At December 31, 2017, the following information was available from Sheridan Co.'s accounting records: Cost Inventory, 1/1/17 $152,000 Purchases 958000 Additional markups Available for sale
At December 31, 2017, the following information was available from Sheridan Co.'s accounting records:
Cost Inventory, 1/1/17 $152,000 Purchases 958000 Additional markups Available for sale $1,110,000
Retail Inventory, 1/1/17 $208,000 Purchases 1280000 Additional markups 47000 Available for sale $1,535,000
Sales for the year totaled $1375000. Markdowns amounted to $10500. Under the lower-of-cost-or-market method,Sheridan's inventory at December 31, 2017 was(Hint: Round intermediate calculation to 2 decimal places, e.g. 0.63 and final answer to 0 decimal places.)
A $122,760.00 B $115,200.00 C $107,640.00 D $306,000.00
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