Question
Presented below is information related to Kuchinsky Company. Beginning Inventory, Cost 280,000 Retail 390,000.Purchases ,Cost 1,820,000, Retail, 3,000,000.Markups, Retail130,000Markup Cancellations ,Retail 20,000.Markdowns, Retail 47,000. Markdown
Presented below is information related to Kuchinsky Company. Beginning Inventory, Cost 280,000 Retail 390,000.Purchases ,Cost 1,820,000, Retail, 3,000,000.Markups, Retail130,000Markup Cancellations ,Retail 20,000.Markdowns, Retail 47,000. Markdown Cancellation , 7,000.Sales 3,150,000. Compute the ending inventory using the conventional retail inventory method. Answer: Beginning Inventor, 280,000 (Cost), 390,000(retail). Purchases 1,820,000 (Cost) 3,000,000(retail). Totals_____(cost),_____(retail). Markups 130,000(retail),markups cancellation 20,000(retail), Add_______(retail).Add:______,_____(retail). Less: 3,150,000(retail)______,Ending Inventory at retail ______.Cost-to-retail ratio____,_____,_(retail).Ending Inventory at Cost_______(Cost). The following are the choices: 64%,310,000, 61%,2,100,000, 63%,110,000, 65%, 188,150,60%,3,390,000.40%, 3,460,000, 64%
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