Use the information in RE8-7. Calculate Unde Butchs Hunting Supply Shop's ending inventory' using the retail inventory'

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Use the information in RE8-7. Calculate Unde Butch€™s Hunting Supply Shop's ending inventory' using the retail inventory' method under the LIFO cost flow assumption. Round the cost-to retail ratio to 3 decimal places.
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Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Question Posted: Oct 05, 2015 05:15 AM

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Use the information in RE8-7. Calculate Unde Butchs Hunting Supply Shop's ending inventory' using the retail inventory'

Question:

Cost Retail Beginning inventory Purchases Net additional markups Net markdowns 35,000 92,000 200,000 5,000 75,000 Godsraaioble for olb 3110000 3 223000 Sales Ending inventory at retail $110,000 285,000 (178,000 107,000

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Costtoretail ratio for beginning inventory 3500092000 0380 rounded Net ...View the full answer

Intermediate Accounting Reporting and Analysis

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