Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 9-9 need to find the ending inventory using the conventional retail inventory method Presented below is information related to Pearl Inc Cost Retail Inventory,

Problem 9-9 need to find the ending inventory using the conventional retail inventory method image text in transcribed
Presented below is information related to Pearl Inc Cost Retail Inventory, 12/31/17 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) $254,700 1,002,796 59,600 17,900 $397,600 1,454,100 80,100 1,423,100 95,600 119,500 40,500 44,300 20,200 41,400 8,000 4,200 Assuming that Pearl Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2018. (Round ratios for computational purposes to O decimal places, e.g 78% and final answer to 0 decimal places, eg. 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

Financial Accounting For Non Specialities

Authors: Peter Atrill, Eddie McLaney

2nd Edition

0139833625, 9780139833625

More Books

Students also viewed these Accounting questions

Question

What is a professional shopper?

Answered: 1 week ago

Question

What did Tolman mean by intervening variable?

Answered: 1 week ago