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When you undertook the preparation of the financial statements for Vancey Company at December 31, 2013, the following data were available:
At Cost At Retail
Inventory, January 1, 2013 $70,800 $ 98,500
Markdowns 35,000
Markups 63,000
Markdown cancellations 20,000
Markup cancellations 10,000
Purchases 219,500 294,000
Sales 345,000
Purchases returns & all. 4,300 5,500
Sales returns and
allowances 10,000
Instructions
Compute the ending inventory at cost as of December 31, 2013, using the retail method which approximates lower of cost or market. Your solution should be in good form with amounts clearly labeled.
A] Cost Retail Method
B] Conventional Retail Method
Blossom Inc. had beginning inventory of $13,100 at cost and $21,600 at retail. Net purchases were $118,120 at cost and $186,700 at retail. Net markups were $10,400, net markdowns were $7,100, and sales revenue was $153,000. Compute ending inventory at cost using the conventional retail method. [Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.]
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