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Ohana Company uses the retail inventory method. The following information is available for the current year.
Cost Retail
Beginning inventory 78,000 122,000
Purchases 295,000 415,000
Freight-in 5,000 -
Employee discount - 2,000
Net markups - 15,000
Net markdowns - 20,000
Sales - 390,000
Problem 1: If the ending inventory is to be valued at approximately lower-of-average-cost-or-net realizable value, the calculation of cost ratio should be based on cost and retail of Cost Retail Cost Retail
A. 378,000 554,000
B. 373,000 550,000
C. 300,000 428,000
D. 378,000 552,000
Problem 2: The ending inventory at retail should
A. 140,000
B. 144,000
C. 150,000
D. 160,000
Problem 3: The approximate cost of the ending inventory by the conventional retail method is
A. 95,900
B. 94,920
C. 98,000
D. 102,480
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