Project 2 - Add: Net Markups Markups 63,000 Markup...

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Part I Beginning inventory 170,000  Add: Purchases 980,000  Cost of goods available 1,150,000  Sales 1,400,000  Less 40% 840,000  Estimated inventory lost 310,000  Dec 31 Sales 1,400,000            Income summary 1,400,000  COGS 840,000  Fire loss 310,000            Inventory 170,000            Purchases 980,000  Part 2 Cost Retail Inventory, February 1, 2009 70,800  98,500  Purchases 219,500  294,000      Purchase returns and allowances (4,300) 215,200  (5,500) 288,500            Totals 286,000  387,000 
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Unformatted text preview: Add: Net Markups Markups 63,000 Markup cancellations (10,000) 53,000 Totals 286,000 440,000 Deduct: Net markdowns Markdowns 35,000 Markdown cancellations (20,000) 15,000 Sale price of goods available 425,000 Deduct: Sales Sales 345,000 Sales returns and allownaces (10,000) 335,000 Ending inventory at retail 90,000 Inventory at cost: 286,000/440,000 = 65% x 90,000 = $58,500...
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This note was uploaded on 01/13/2011 for the course ACT Ac 551 taught by Professor George during the Spring '10 term at DeVry Chicago.

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