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Compute the cost of its ending inventory at December

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Reference no: EM132508933

Question - Presented below is information related to Crane Inc.

 

Cost

Retail

Inventory, 12/31/20

$251,100

$390,400

Purchases

906,368

1,447,600

Purchase returns

60,000

79,400

Purchase discounts

18,100

-

Gross sales revenue

-

1,426,100

Sales returns

-

97,300

Markups

-

119,700

Markup cancellations

-

39,500

Markdowns

-

45,800

Markdown cancellations

-

20,000

Freight-in

42,300

-

Employee discounts granted

-

8,200

Loss from breakage (normal)

-

4,100

Assuming that Crane Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.

What is the ending inventory using the conventional retail inventory method.

Reference no: EM132508933

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