Question
Company Y uses the conventional (LCM) retail inventory method and recorded the following: Cost Retail Beginning inventory $300 $467 Net purchases 1,200 2,000 Net additional
Company Y uses the conventional (LCM) retail inventory method and recorded the following:
| Cost | Retail | |||
| Beginning inventory | $300 | $467 | ||
| Net purchases | 1,200 | 2,000 | ||
| Net additional markups | 200 | |||
| Net markdowns | (300) | |||
| Sales | $1,700 |
What is the cost of goods sold for the reporting period?
- A.
$1,169
- B.
$1,177
- C.
$1,125
- D.
$1,114
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Handbook Of Energy Audits
Authors: Albert Thumann, Terry Niehus, William J. Younger
9th Edition
1466561629, 978-1466561625
