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Cullumber Company uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $327600 ($498960), purchases
Cullumber Company uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $327600 (\$498960), purchases during the current year at cost (retail) were $1726200 ( $2772000 ), freight-in totaled $108360, sales during the current year totaled $2520000, net markups were $60480 and net markdowns were $90720. What costs should be excluded from the cost to retail ratio? $108360.$30240.$90720.$60480. Your answer is incorrect. n a nonmonetary exchange of plant assets, accounting recognition should not be given to a portion of the gain when the exchange has no commercial substance and cash is paid (when the cash paid is less than 25% of the fair value of the exchange). a gain when the exchange has commercial substance. a portion of the gain when the exchange has no commercial substance and cash is received (when the cash received is less than 25% of the fair value of the exchange). a loss when the exchange has no commercial substance. eTextbook and Media Attempts: 1 of 2 used
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