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Unformatted text preview: (2) Ferguson Department Store uses the retail inventory method. On December 31, 2009, the following information relating to the inventory was gathered. Cost Retail Inventory, January 1, 2009. .$ 26,550 $ 45,000 Sales. 425,000 Net Purchases. . 310,050 435,000 Markups. .. 35,000 Markup Cancellations. . 5,000 Markdowns. . 48,000 Markdown Cancellations. 8,000 Compute the ending inventory using the conventional (lower-of-cost-or-market) approach to the retail method....
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This note was uploaded on 02/19/2010 for the course ACC 4300 taught by Professor Quinton during the Fall '99 term at Alabama A&M University.
- Fall '99