Question
Sheridan Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $398500 ($599000), purchases
Sheridan Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $398500 ($599000), purchases during the current year at cost (retail) were $3508000 ($5293600), freight-in on these purchases totaled $164500, sales during the current year totaled $4766000, and net markups were $419000. What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places.
$1103015.
$996912.
$1545600.
$832760.
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