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The following data concerning the retail inventory method are taken from the financial records of Ivanhoe Company Cost Retail $ 270000 $ 186000 Beginning inventory

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The following data concerning the retail inventory method are taken from the financial records of Ivanhoe Company Cost Retail $ 270000 $ 186000 Beginning inventory Purchases 886000 1180000 23000 Freight-in Net markups 79000 Net markdowns 55000 Sales 1244000 If the ending inventory is to be valued at approximately the lower of cost or market, the calculation of the cost-to-retail ratio should be based on goods available for sale at (1) cost and (2) retail, respectively of $1095000 and $1450000 $1095000 and $1474000. $1095000 and $1529000 $1072000 and $1450000 On August 31, a hurricane destroyed a retail location of Pharoah's Clothier including the entire inventory on hand at the location. The inventory on hand as of June 30 totaled $1880000. Since June 30 until the time of the hurricane, the company made purchases of $486000 and had sales of $1468000. Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed? $1778800 $999200 $1485200 $1880000 . Sheridan Company's accounts payable balance at December 31, 2020 was $1616000 before considering the following transactions Goods were in transit from a vendor to Sheridan on December 31, 2020. The invoice price was $70000, and the goods were shipped fob, shipping point on December 29, 2020. The goods were received on January 4, 2021 Goods shipped to Sheridan fo.b. shipping point on December 20, 2020, from a vendor were lost in transit. The invoice price was $52000. On January 5, 2021. Sheridan filed a $52000 taim against the common carrier . In its December 31, 2020 balance sheet, Sheridan should report accounts payable of $1738000 $1616000 $1668000 $1686000

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