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The First Order Company maintains inventory at selling prices as well as at cost. For 2017, the records show the following: Cost Retail beginning inventory
The First Order Company maintains inventory at selling prices as well as at cost. | ||||||
For 2017, the records show the following: | ||||||
Cost | Retail | |||||
beginning inventory | 372 | 465 | ||||
purchases | 900 | 1450 | ||||
freight in on purchases | 45 | |||||
purchase returns | 2 | 5 | ||||
mark ups | 19 | |||||
mark up cancels | 4 | |||||
mark downs | 22 | |||||
mark down cancels | 6 | |||||
sales | 1010 | |||||
During 2017, the price index went from 1.1 to 1.23. Using retail dollar value LIFO retail method determine | ||||||
a) cost of goods sold for 2017 | ||||||
b) ending inventory on 12/31/2017 |
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