Question
The following data concerning the retail inventory method are taken from the financial records of Welch Company. Cost Retail Beginning inventory $ 147,000 $ 210,000
The following data concerning the retail inventory method are taken from the financial records of Welch Company.
|
| Cost | Retail |
| Beginning inventory | $ 147,000 | $ 210,000 |
| Purchases | 672,000 | 960,000 |
| Freight-in | 18,000 | |
| Net markups | 60,000 | |
| Net markdowns | 42,000 | |
| Sales | 1,008,000 |
The ending inventory at retail should be (use the retail inventory method).
| $180,000. |
| $126,000. |
| $192,000. |
| $222,000. |
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GAO Yellow Book Government Auditing Standar
Authors: Comptroller General United States Government
2011edition
1479245577, 978-1479245574
