Hartley Company uses the retail method of inventory valuation The following

Hartley company uses the retail method of inventory

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20. Hartley Company uses the retail method of inventory valuation. The following information is available: Cost Retail Beginning inventory 1,250,000 2,000,000 Purchases 6,750,000 8,000,000 Net markup 1,500,000 Net markdown 500,000 Sales 7,700,000 1. What would be the estimated cost of the ending inventory using FIFO retail? a. 2,475,000 b. 2,300,000 c. 2,545,000 d. 2,225,000 2. What would be the estimated cost of the ending inventory using LIFO retail? ANSWERS: C, C, C, C, B, C, A, A, D, A, A, B, B, C, A, B, A, C, A, C, B, A, A, A, D IV. AGRICULTURE .
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PAGE 15Problems 1. Eagles Company provided the following balances for the year 2016 and 2017: Value of biological asset at coston December 31, 2016 (date of purchase) 1,250,000 Fair valuation surplus on initial recognition at fair value on December 31, 2016 50,000 Change in fair value on December 31, 2017 due to growth and price fluctuation 300,000 Decrease in 2017 fair value due to harvest 50,000 Newborn biological asset at yearend at fair value 200,000 Agricultural produce harvested from the biological asset during the year at fair value less cost of disposal 90,000 1. What is the gain from fair value change that should be recognized in 2016 (date of purchase)? 0
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