Reference no: EM132663839
Problem - Gillespie Corp. is preparing the financial statements at its fiscal year end, December 31, 20x2. The following information is available:
At Cost At Retail
Inventory, January 1, 20x1 $208,500 $465,300
Markdowns 117,500
Markups 177,500
Markdown cancellations 55,000
Markup cancellations 22,500
Purchases 603,000 1,324,350
Sales 1,450,000
Purchases returns and allowances 12,875 30,150
Sales returns and allowances 22,500
Required - Calculate the ending inventory at cost at December 31, 20x2, using the retail method that approximates lower of average cost and market. Your solution should be in good form with amounts clearly labelled.
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