Question
Blossomuses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $400000($604000), purchases during the current
Blossomuses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $400000($604000), purchases during the current year at cost (retail) were $2255000($3500000), freight-in on these purchases totaled $139000, sales during the current year totaled $3200000, and net markups (markdowns) were $82000($118000). 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.
$671669.
$578956.
$868000.
$602968.
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