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help pls [Problem 3] When you undertook the preparation of the financial statements for Telfer Company at January 31, 2020, the following data were available:
help pls [Problem 3] When you undertook the preparation of the financial statements for Telfer Company at January 31, 2020, the following data were available: At Retail $98,500 Inventory, February 1, 2019 Markdowns Markups Purchases Purchases returns and allowances Sales revenue Sales returns and allowances 10,000 At Cost $70,800 15,000 53,000 219,500 4,300 294,000 5,500 345,000 Instructions Compute the ending inventory at cost as of January 31, 2020, using the retail method which approximates lower of cost or market (i.e., conventional method; LCM). Use the following template. At cost At Retail Beginning inventory, 2/1/2019 Purchase Purchase returns and allowances Markups Goods available for sale Markdowns Net sales Ending inventory, 1/31/2020 [Problem 41
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