Question
resented below is information related to Pronghorn Inc. Cost Retail Inventory, 12/31/17 $250,900 $396,700 Purchases 943,206 1,469,100 Purchase returns 61,200 80,800 Purchase discounts 18,200 Gross
resented below is information related to Pronghorn Inc.
Cost | Retail | |||
Inventory, 12/31/17 | $250,900 | $396,700 | ||
Purchases | 943,206 | 1,469,100 | ||
Purchase returns | 61,200 | 80,800 | ||
Purchase discounts | 18,200 | |||
Gross sales revenue | 1,414,000 | |||
Sales returns | 99,200 | |||
Markups | 120,500 | |||
Markup cancellations | 39,200 | |||
Markdowns | 44,900 | |||
Markdown cancellations | 20,400 | |||
Freight-in | 42,400 | |||
Employee discounts granted | 7,800 | |||
Loss from breakage (normal) | 4,700 |
Assuming that Pronghorn Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2018. (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 |
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