Question
Portman Incorporated uses the conventional retail inventory method. Expressed in millions of dollars, information about Portman's 2024 inventory account is expressed in the table below:
Portman Incorporated uses the conventional retail inventory method. Expressed in millions of dollars, information about Portman's 2024 inventory account is expressed in the table below:
| Cost | Retail | |
|---|---|---|
| Beginning inventory | $ 105 | $ 190 |
| Purchases | 1,260 | 2,670 |
| Freight-in | 80 | |
| Purchase returns | 95 | 215 |
| Net markups | 405 | |
| Net markdowns | 200 | |
| Normal spoilage | 110 | |
| Net sales | 2,440 |
What is the value of Portman's inventory at 12/31/2024?
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The Internal Auditing Pocket Guide Preparing Performing Reporting And Follow Up
Authors: J.P. Russell
2nd Edition
1636941303, 978-1636941301
