The Brad's Farm Company uses the retail inventory method to compute ending inventory. Information for last...

 

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The Brad's Farm Company uses the retail inventory method to compute ending inventory. Information for last year is as follows: Beginning inventory Net markups Purchases Freight-in Purchase returns Sales Net markdowns Cost $12,000 40,000 7,100 3,000 Retail $20,000 8,000 80,000 6,000 50,000 4,000 Required: Determine Brad's Farm Company's ending inventory based on the retail lower of average cost or market method. (15 Points) The Brad's Farm Company uses the retail inventory method to compute ending inventory. Information for last year is as follows: Beginning inventory Net markups Purchases Freight-in Purchase returns Sales Net markdowns Cost $12,000 40,000 7,100 3,000 Retail $20,000 8,000 80,000 6,000 50,000 4,000 Required: Determine Brad's Farm Company's ending inventory based on the retail lower of average cost or market method. (15 Points)

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Caluclation of Brads Farm Companys ending Inventory Beginning Inventory Pur... View the full answer