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Provide the ending inventory at cost valuation

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Question - Panem Co. uses the conventional retail inventory method to estimate their ending inventory. The following information is available for the current year.

 

Cost

Retail

Beginning inventory

$ 312,000

$488,000

Purchases

1,180,000

1,660,000

Freight-in

20,000

-

Employee discounts

-

8,000

Net markups

-

60,000

Net markdowns

-

100,000

Sales revenue

-

1,560,000

Required - Provide the ending inventory at cost valuation by using the "conventional" retail inventory method (round to 4 decimal places in calculating the cost/retail ratio).

Reference no: EM133127104

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