Question
FashionFab Inc. operates a clothing store and uses the retail inventory method for inventory valuation. At the end of the year, the company's records show
FashionFab Inc. operates a clothing store and uses the retail inventory method for inventory valuation. At the end of the year, the company's records show the following:
- Cost of goods available for sale: $500,000
- Sales: $700,000
- Ending inventory at retail: $200,000 Calculate the ending inventory value using the retail inventory method.
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Horngrens Accounting
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
11th edition
978-0133851151, 013385115X, 978-0133866889
