At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year
Question:
At December 31, 2019, the following information was available from Crisford Company’s books:
Sales for the year totaled $110,600; markdowns amounted to $1,400. Under the approximate lower of average cost or market retail method, Crisford’s inventory at December 31, 2019, was:
a. $30,800
b. $28.000
c. $21,560
d. $19,600
Transcribed Image Text:
Cost Retail $14,700 83,300 Inventory, 1/1/2019 20,300 115,500 4,200 $98,000 $140,000 Purchases Net Additional markups Available for sale
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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