Reference no: EM132326048
Question
cost retail inventory, 12/31/17 247,100 390,000
purchases 930,823 1,484,000
purchase returns 59,000 78,500
purchase discounts 18,400
Gross sales revenue 1,410,500
sales returns 98,700
markups 118,400
markup cancellations 39,600
markdowns 45,300
markdown cancellations 20,000
freight-in 42,800
employee discount granted 7,900
loss from breakage (normal) 5,000
Assuming that Cullumber Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2018.
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