Compute for the net sales that would be reported in LIVA company's Income Statement. You are to
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Question:
Compute for the net sales that would be reported in LIVA company's Income Statement.
You are to be assigned to prepare the financial statement of LIVA Company for the year 2021. The following data were made available for you:
Ending Inventory at Cost - 739, 160
Goods Available for Sale at retail - 3, 930, 000
Sales Discount - 16, 000
Net markdowns - 48, 500
Net markups - 30, 000
Beginning inventory at retail - 1, 450, 000
Purchases at retail - 2, 422, 000
The company adopts the average cost approach to estimate the value of its inventory and the cost ratio is computed at 68%.
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Managerial Accounting Tools for business decision making
ISBN: 978-1118096895
6th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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