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Target Inc. uses the Conventional Retail Inventory method (lower of cost or market) for estimating the value of its ending inventory. Relevant information for the
Target Inc. uses the Conventional Retail Inventory method (lower of cost or market) for estimating the value of its ending inventory. Relevant information for the year-ended December 31, 2023, is as follows:
Cost | Retail | |
Inventory January 1, 2023 | $15,000 | $30,000 |
Sales | 255,000 | |
Purchases | 170,000 | 260,000 |
Purchase returns | 5,000 | 6,000 |
Net Mark-ups | 16,000 |
Instructions: Using the table below, calculate the ending inventory value at cost using the conventional retail inventory method as of December 31, 2023.
Cost | Retail | |
Inventory January 1, 2023 | 15,000 | 30,000 |
Purchases | ||
Purchases returns | ||
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