Caleb company uses the retail inventory method to determine, Ask an Expert

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Caleb Company uses the Retail Inventory method to determine inventory cost for financial reporting purposes. They have provided you with the following information for 2014:

Cost Retail

Inventory, 1/1/10 $110,000 $160,000

Net purchases 378,000 562,000

Net markups 68,000

Net markdowns 30,000

Net sales 508,000

What is the cost of Caleb's inventory at December 31, 2014 based on FIFO, LCM?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9800815

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