Practice Exercise 12 Presented below is information related to Oriole Company. Cost Retail $224,000 $313,500...
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Accounting
Practice Exercise 12 Presented below is information related to Oriole Company. Cost Retail $224,000 $313,500 1,596,000 2,397,000 106,500 16,800 39,200 5,600 2,520,000 Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales Calculate the inventory by the conventional retail inventory method. (Round the cost-to-retail ratio to 2 decimal places, eg. 52.75%.) Ending inventory at retail
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