Data below for the year ended December 31, 2015, relates to Bamboo Inc. Bamboo started business January 1, 2015, and uses the LIFO retail method
Data below for the year ended December 31, 2015, relates to Bamboo Inc. Bamboo started business January 1, 2015, and uses the LIFO retail method to estimate ending inventory. Beginning inventory Cost $66,000, Retail $104,000. Net purchases Cost $280,000, Retail $420,000. Net markups $20,000. Net markdown $40,000. Net sales $375,000. Estimated ending inventory at retail is A. $169600. B. $129,000. C. $25,000. D. $65,000.
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Authors: Michael R. Kinney, Jenice Prather-Kinsey, Cecily A. Raiborn
6th Edition
0324235011, 978-0324235012
