calculate uncle butchs endinf inventory using the retail inventory method under the FIFO cost flow...
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calculate uncle butchs endinf inventory using the retail inventory method under the FIFO cost flow assumption. round the cost to retail ratio to 3 decimal places.
Retail Inventory Method Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Cost Retail $92,000 $35,000 75,000 200,000 Beginning inventory Purchases Net additional markups Net markdowns Goods available for sale $110,000 15,000 (22,000) $285,000 (178,000) $107.000 Sales Ending inventory at retail Calculate Uncle Butch's' ending inventory using the retail inventory method under the FIFO cost flow assumption 41,302 X Feedback Y Check My Work A company using the retail method performs the following steps: 1. Compute the total goods available for sale at both cost and retail value. The following table will help Cost Retail Beginning inventory Net Purchases Net additional markups Net markdowns Goods available for sale 2. Compute the appropriate cost-to-retail ratio, as shown in the following schedule. Alternative Cost-to Retail Ratio Calculations Lower of Check My Work 2 more Check My Work uses remaining
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