Metlock Inc. had beginning inventory of $12,540 at cost and $22,000 at retail. Net purchases were $115,700

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Metlock Inc. had beginning inventory of $12,540 at cost and $22,000 at retail. Net purchases were $115,700 at cost and $175,900 at retail. Net markups were $9,800, net markdowns were $7,700, and sales revenue was $150,400.

Compute ending inventory at cost using the LIFO retail method.

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Related Book For answer-question

Intermediate Accounting

ISBN: 978-0324659139

11th edition

Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones

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Posted Date: May 17, 2022 06:54 AM

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Metlock Inc. had beginning inventory of $12,540 at cost and $22,000 at retail. Net purchases were $115,700

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Computation of ending inventory at cost using the LIFO retail method A Particulars Cost Retail 12540 ... View the full answer

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