Answered step by step
Verified Expert Solution
Question
1 Approved Answer
don't know what to do, please help! As of January 1, 2020, Pronghorn Inc. adopted the retail method of accounting for its merchandise inventory To
don't know what to do, please help!
As of January 1, 2020, Pronghorn Inc. adopted the retail method of accounting for its merchandise inventory To prepare the store's financial statements at June 30, 2020, you obtain the following data. Cost $31.200 Selling Price $44.400 11.400 8.900 6,500 Inventory. January 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchase returns Sales returns and allowances 3,300 114,552 154,800 155.400 3,600 7,300 2.900 (a) x Your answer is incorrect. Compute Pronghorn's June 30, 2020, inventory under the conventional retail method of accounting for inventories. (Round ratios for computational purposes to decimal places, eg. 78% and final answer to decimal places, eg. 28,987.) Inventory under the conventional retail method $ 35077 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started