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Intermediate accounting. Please solve and show work. when you undertook the preparation of the financial statements for Telfer Company at January 31, 2018 e following
Intermediate accounting. Please solve and show work. when you undertook the preparation of the financial statements for Telfer Company at January 31, 2018 e following data were available: Inventory, February 1, 2017 Purchases Purchases returns and allowances Markups Markdowns Sales revenue Sales returns and allowances At Cost At Retail 70,800 $98,500 294,000 5,500 53,000 219,500 4,300 15,000 345,000 10,000 Instructions (a) Compute the Cost-to-Retail Ratio. Compute the ending inventory at cost as of January 31, 2018, using the conventional retail method (which approximates lower of cost or market.) (b) Extra Credit: (c) Using the Retail LIFo method, calculate the LIFO Cost-to-Retail ratios and compute the ending inventory at LIFO cost as of Jan. 31, 2018
Intermediate accounting. Please solve and show work.
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