Use the information in RE9-8. Calculate Uncle Butchs Hunting Supply Shops ending inventory using the retail inventory
Question:
In RE9-8, Uncle Butchs Hunting Supply Shop reports the following information related to inventory:
Calculate Uncle Butchs Hunting Supply Shops ending inventory using the retail inventory method under the FIFO cost flowassumption.
Transcribed Image Text:
Retail Cost $35,000 75,000 Purchases Net markups Net markdowns Goods available for sale Sales Ending inventory at retail $ 92,000 200,000 15,000 (22,000) $ 285,000 (178,000) $107,000 $110,000
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Costtoretail ratio for beginning inventory 3500092000 03804 rounde...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
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