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What is grossman inventoriable cost

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Reference no: EM131694095

Question - Grossman Ltd., a retail store chain, had the following information in its general ledger for the year 2017:

Merchandise purchased for resale $909,400

Interest on notes payable to vendors for the purchase of inventory 8,700

Purchase returns 16,500

Freight-in 22,000

Freight-out 17,100

Cash discounts on purchases 6,800

Storage costs incurred when warehouse became full 8,300

Assume that Grossman Ltd. is a private company reporting under ASPE. What is Grossman's inventoriable cost for 2017?

Reference no: EM131694095

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