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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
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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