Question
Presented below is information related to Crane Company. Cost Retail Beginning inventory $225,045 $279,000 Purchases 1,380,000 2,108,000 Markups 96,100 Markup cancellations 13,800 Markdowns 35,000 Markdown
Presented below is information related to Crane Company.
| Cost | Retail | |||
| Beginning inventory | $225,045 | $279,000 | ||
| Purchases | 1,380,000 | 2,108,000 | ||
| Markups | 96,100 | |||
| Markup cancellations | 13,800 | |||
| Markdowns | 35,000 | |||
| Markdown cancellations | 4,500 | |||
| Sales revenue | 2,167,000 |
Compute the inventory by the conventional retail inventory method.
| Ending inventory using conventional retail inventory method: |
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Accounting Principles Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
9th Canadian Edition
978-1119786634, 1119786630
