Question
Lafayette Company uses the first-in, first-out retail method of inventory valuation. The following information is available: Beginning inventory: P115,000 at cost; P300,000 at retail Purchases:
Lafayette Company uses the first-in, first-out retail method of inventory valuation. The following information is available:
Beginning inventory: P115,000 at cost; P300,000 at retail
Purchases: P600,000 at cost; P1,100,000 at retail
Net additional markups- P100,000; net markdowns- P200,000
Sales revenue 1,200,000
What is the estimated cost of ending inventory using the FIFO retail method?
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Introductory Financial Accounting for Business
Authors: Thomas Edmonds, Christopher Edmonds
1st edition
1260299449, 978-1260299441
