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Compute inventory by conventional retail inventory method

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Question - Presented below is information related to Sheffield Company.

 

Cost

Retail

Beginning inventory

$150,815

$283,000

Purchases

1,369,000

2,130,000

Markups

 

93,200

Markup cancellations

 

14,700

Markdowns

 

35,900

Markdown cancellations

 

4,900

Sales revenue

 

2,186,000

Compute the inventory by the conventional retail inventory method.

Reference no: EM132215692

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