Dicer uses the conventional retail method to determine its, Ask an Expert

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Dicer uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $260,000 ($396,000), purchases during the current year at cost (retail) were $1,370,000 ($2,200,000), freight-in on these purchases totaled $86,000, sales during the current year totaled $2,100,000, and net markups (markdowns) were $48,000 ($72,000). What is the ending inventory value at cost?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945650

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