Samuel Electronics, Inc. has retained you to assist management with its preparation of the company's financial statements
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Question:
Samuel Electronics, Inc. has retained you to assist management with its preparation of the company's financial statements for the year ended December 31, 20X2. Among other information, the company provided the following data to you:
At costAt retailInventory, December 31, 20X1$70,800$98,500Purchases219,500294,000Sales345,000Purchases returns and allowances4,3005,500Sales returns and allowances10,000Markdowns, net of markdown cancellations15,000Markups, net of markup cancellations53,000
In the (MS Excel file), complete the table to calculate Samuel's December 31, 20X2 inventory at cost, cost of sales, and gross profit for 20X2 using theconventional retail inventory method(which approximates "lower of cost or market" as required by GAAP).
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