Question
Use the following information from Electric Grill Inc. to answer the question 2021 Account Cost Retail Inv, Jan 1 $ 45,000 $97,000 Purchases 104,000 245,000
Use the following information from Electric Grill Inc. to answer the question
| 2021 | ||
| Account | Cost | Retail |
| Inv, Jan 1 | $ 45,000 | $97,000 |
| Purchases | 104,000 | 245,000 |
| Freight In | 6,000 | |
| Freight out | 3,400 | |
| Markups, net | 2,000 | |
| Markdowns, net | 9,000 | |
| Net Sales | 100,000 | |
| Employee Discounts | 2,000 | |
| Normal Shortage | 1,500 | |
- Using the Conventional Method, what is the ending inventory valued at Cost for 2021?
Please show work and do not post answer on paper.
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Auditing Practices In Local Governments An International Comparison
Authors: Laurence Ferry, Pasquale Ruggiero
1st Edition
180117086X, 978-1801170864
