Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

IvanhoePet supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $786800($970700), purchases during

IvanhoePet supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $786800($970700), purchases during the current year at cost (retail) were $3005800($3958300), freight-in on these purchases totaled $181700, sales during the current year totaled $3856000, and net markups (markdowns) were $5000($278900). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places.

I came up with $799,100 but I dont think it is correct

$799100.

$643276.

$1073000.

$863765.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2019

Authors: Jeanette Landin, Paulette Schirmer

5th edition

125991707X, 978-1259917073

Students also viewed these Accounting questions

Question

1. What will happen in the future

Answered: 1 week ago

Question

3. Avoid making mistakes when reaching our goals

Answered: 1 week ago