Question
The following data concerning the retail inventory method are taken from the financial records of Sheridan Company. Cost Retail Beginning inventory $ 192000 $ 283000
The following data concerning the retail inventory method are taken from the financial records of Sheridan Company.
| Cost | Retail | |||
| Beginning inventory | $ 192000 | $ 283000 | ||
| Purchases | 905000 | 1160000 | ||
| Freight-in | 23800 | |||
| Net markups | 81000 | |||
| Net markdowns | 55200 | |||
| Sales | 1294000 |
Assuming no change in the price level if the LIFO inventory method were used in conjunction with the data, the ending inventory at cost would be
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Advanced Accounting
Authors: Joe Ben Hoyle, Timothy S. Doupnik, Thomas F. Schaefer, Oe Ben Hoyle
9th Edition
007337945X, 978-0073379456
