Question
SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net Purchases @ cost = $1,475,000, @ retail =
SMCC Retail Corp had the following info:
Beg inventory @ cost = $400,000, @ retail =$790,000
Net Purchases @ cost = $1,475,000, @ retail = $2,350,000
In addition, Mark-ups were $95,000 and Mark-up cancellations were $5,000. Mark-downs were $50,000 and Mark-down cancellations were $10,000. Net Sales were $2,250,000.
REQUIRED: Compute Ending Inventory value using the retail inventory method
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Financial Accounting An International Introduction
Authors: David Alexander, Prof Christopher Nobes, Chris W. Nobes
4th Edition
027372164X, 978-0273721642
