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Category > Accounting Posted 19 May 2017 My Price 5.00

The Akram Corporation uses the retail method of inventory

 

The Akram Corporation uses the retail method of inventory. The following data are available for the year ended December 31, 20x9: Cost Retail Inventory, January 1, 20x9 $600,000 $1,350,000 Additional markups 30,000 Markup cancellations 18,000 Markdowns 120,000 Markdown cancellations 36,000 Purchases 1,890,000 4,450,000 Purchase returns 86,000 190,000 Freight-in 34,000 - Sales 4,860,000 Sales returns 160,000 Employee discounts 4,800 Required – Calculate the cost of the inventory at December 31, 20x9.
 
 

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Alpha Geek
(8)
Status NEW Posted 19 May 2017 02:05 PM My Price 5.00

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Attachments

file 1495205559-Answer.docx preview (124 words )
T-----------he -----------Akr-----------am -----------Cor-----------por-----------ati-----------on -----------use-----------s t-----------he -----------ret-----------ail----------- me-----------tho-----------d o-----------f i-----------nve-----------nto-----------ry.----------- Th-----------e f-----------oll-----------owi-----------ng -----------dat-----------a a-----------re -----------ava-----------ila-----------ble----------- fo-----------r t-----------he -----------yea-----------r e-----------nde-----------d D-----------ece-----------mbe-----------r 3-----------1, -----------20x-----------9: -----------Cos-----------t R-----------eta-----------il -----------Inv-----------ent-----------ory-----------, J-----------anu-----------ary----------- 1,----------- 20-----------x9 -----------$60-----------0,0-----------00 -----------$1,-----------350-----------,00-----------0 A-----------ddi-----------tio-----------nal----------- ma-----------rku-----------ps -----------30,-----------000----------- Ma-----------rku-----------p c-----------anc-----------ell-----------ati-----------ons----------- 18-----------,00-----------0 M-----------ark-----------dow-----------ns -----------120-----------,00-----------0 M-----------ark-----------dow-----------n c-----------anc-----------ell-----------ati-----------ons----------- 36-----------,00-----------0 P-----------urc-----------has-----------es -----------1,8-----------90,-----------000----------- 4,-----------450-----------,00-----------0 P-----------urc-----------has-----------e r-----------etu-----------rns----------- 86-----------,00-----------0 1-----------90,-----------000----------- Fr-----------eig-----------ht------------in -----------34,-----------000----------- - -----------Sal-----------es -----------4,8-----------60,-----------000----------- Sa-----------les----------- re-----------tur-----------ns -----------160-----------,00-----------0 E-----------mpl-----------oye-----------e d-----------isc-----------oun-----------ts
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