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Compute the cost of its ending inventory at December

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Reference no: EM132431341

Question - Presented below is information related to Vaughn Inc.

 

Cost

Retail

Inventory, 12/31/20

$252,200

$392,200

Purchases

835,506

1,455,300

Purchase returns

59,700

79,000

Purchase discounts

18,000

-

Gross sales revenue

-

1,418,600

Sales returns

-

96,800

Markups

-

117,800

Markup cancellations

-

40,500

Markdowns

-

45,100

Markdown cancellations

-

19,600

Freight-in

42,100

-

Employee discounts granted

-

7,900

Loss from breakage (normal)

-

4,500

Required - Assuming that Vaughn Inc uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.

Reference no: EM132431341

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