Conventional Retail Inventory Method - Compute Inventory
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19. (Retail Inventory Method) Presented below is information related to Ricky Henderson Company.
Cost Retail
Beginning inventory $ 200,000 $ 280,000
Purchases 1,375,000 2,140,000
Markups 95,000
Markup cancellations 15,000
Markdowns 35,000
Markdown cancellations 5,000
Sales 2,200,000
Compute the inventory by the conventional retail inventory method.
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Solution Summary
The solution explains how to calculate the ending inventory using the retail inventory method
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