Question
CDZ Company used FIFO retail method of inventory valuation. The entity provided the following information for the current year: Cost Retail Beginning inventory 600,000 1,500,000
| CDZ Company used FIFO retail method of inventory valuation. The entity provided the following information for the current year: | ||
| Cost | Retail | |
| Beginning inventory | 600,000 | 1,500,000 |
| Purchases | 3,000,000 | 5,500,000 |
| Net markups | 500,000 | |
| Net markdowns | 1,500,000 | |
| Sales revenue | 4,500,000 | |
| What is the estimated cost of ending inventory? | ||
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
18th Edition
9781119790976
