Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please see the attached picture for question. Presented below is information related toMarigoldInc. Assuming thatMarigoldInc. uses the conventional retail inventory method, compute the cost of

please see the attached picture for question.

Presented below is information related toMarigoldInc. Assuming thatMarigoldInc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.(Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using the conventional retail inventory method?

image text in transcribed
QUESTIONTO View Policies Current Attempt in Progress Presented below is information related to Marigold Inc. Cost Retail Inventory, 12/31/20 $254,100 $386,700 Purchases 863,627 1,450,300 Purchase returns 59,400 79,600 Purchase discounts 17,900 Gross sales revenue - 1,413,700 Sales returns 99,400 Markups - 118,700 Markup cancellations - 40,800 Markdowns 44,900 Markdown cancellations - 20,400 Freight-in 42,400 Employee discounts granted 8,000 Loss from breakage (normal) 4,400 Assuming that Marigold Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational purposes to O decimal places, e.g 78% and final answer to O decimal places, e.g. 28,987.) Ending inventory using the conventional retail inventory method $

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

Managerial Accounting

Authors: Stacey Whitecotton, Robert Libby, Fred Phillips

4th edition

1259964957, 1260413985, 1260565440, 978-1260413984

More Books

Students also viewed these Accounting questions

Question

Create a Fishbone diagram with the problem being coal "mine safety

Answered: 1 week ago

Question

7. How can an interpreter influence the utterer (sender)?

Answered: 1 week ago