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Retail inventory method
On December 21, 2015 an entity provided the following information:
Cost Retail
Inventory, January 1 735,000 1015 000
Purchases 4,165,000 5,775,000
Additional mark up 210,000
Question 1: Sales for the year totaled 5,500,000. Markdown amounted to 100,000. Under the approximate lower of average cost or NRV retail method, what is the inventory on December 31, 2015?
a. 1,050,000
b. 1,400,000
c. 994,000
d. 980,000
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