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Can you please help me understand this question in computing the inventory under the conventional retail method As of January 1, 2017, Company A. adopted
Can you please help me understand this question in computing the inventory under the conventional retail method
As of January 1, 2017, Company A. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2017, you obtain the following data. 115,220 Inventory, January 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchase returns Sales returns and allowances Compute Company A's June 30, Cost $27,000 2,500 Selling Price $45,100 10,000 9,600 5,900 3,100 151,900 153,000 3,900 8,700 2017, inventory under the conventional retail method of accounting for inventories.
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