Question
Blossomuses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $388000($592000), purchases during the current
Blossomuses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $388000($592000), purchases during the current year at cost (retail) were $2015000($3260000), freight-in on these purchases totaled $127000, sales during the current year totaled $2960000, and net markups (markdowns) were $70000($106000). 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.
$552120.
$575340.
$634035.
$856000.
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