Question
At December 31, 2017, the following information was available from Pharoah Co.'s accounting records: Cost Retail Inventory, 1/1/17 $ 139000 $ 195000 Purchases 633000 955000
At December 31, 2017, the following information was available from Pharoah Co.'s accounting records:
| Cost | Retail | |||
| Inventory, 1/1/17 | $ 139000 | $ 195000 | ||
| Purchases | 633000 | 955000 | ||
| Additional markups |
| 34000 | ||
| Available for sale | $772000 | $1184000 |
Sales for the year totaled $1050000. Markdowns amounted to $9200. Under the lower-of-cost-or-market method, Pharoah'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.)
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
