When you undertook the preparation of the financial statements for Telfer Company at January 31, 2022, the following dat
Posted: Thu May 26, 2022 8:07 am
When you undertook the preparation of the financial statements
for Telfer Company at January 31, 2022, the following data were
available:
At Cost
At Retail
Inventory, January 1, 2021
€70,800
€98,500
Markdowns
35,000
Markups
63,000
Markdown cancellations
20,000
Markup cancellations
10,000
Purchases
219,500
294,000
Sales
345,000
Purchases returns and allowances
4,300
5,500
Sales returns and allowances
10,000
Compute the ending inventory at cost as of January 31, 2022, using
the retail method which approximates lower of cost or net
realizable value.
for Telfer Company at January 31, 2022, the following data were
available:
At Cost
At Retail
Inventory, January 1, 2021
€70,800
€98,500
Markdowns
35,000
Markups
63,000
Markdown cancellations
20,000
Markup cancellations
10,000
Purchases
219,500
294,000
Sales
345,000
Purchases returns and allowances
4,300
5,500
Sales returns and allowances
10,000
Compute the ending inventory at cost as of January 31, 2022, using
the retail method which approximates lower of cost or net
realizable value.