Question
Blossom Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $403500 ($604000), purchases
Blossom Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $403500 ($604000), purchases during the current year at cost (retail) were $3608000 ($5393600), freight-in on these purchases totaled $169500, sales during the current year totaled $4866000, and net markups were $424000. What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places.
$1012696.
$1555600.
$1123040.
$847016.
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