Question: The Good Trader Company values its inventory by using the retail method (FIFO basis, lower of cost or market). The following information is available for

The Good Trader Company values its inventory by using the retail method (FIFO basis, lower of cost or market). The following information is available for the year just ended:

DATA FOR RETAIL INVENTORY METHOD FOR COSTING INVENTORY AND COST OF GOODS

At what amount would The Good Trader Company report its ending inventory?

DATA FOR RETAIL INVENTORY METHOD FOR COSTING INVENTORY AND COST OF GOODS SOLD Cost Retail Beginning Inventory $ 80,000 $ 140,000 Purchases 297,000 420,000 Freight In 4,000 --- Shortages 8,000 --- Markups (Net) 10,000 --- Markdowns (Net) 2,000 Sales 400,000

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