P9-7B (L06) (Retail Inventory Method) Presented below is information related to EDK Inc. Cost $ 165,000 Inventory, 12/31/17 Purchases Retail $ 260,000 1,261,000 804,500 45,000 Purchase returns 71,000 Purchase discounts 12,000 1,240,000 Gross sales (after employee discounts) Sales returns 51,500 Markups 68,000 16,000 Markup cancellations Markdowns 86,000 21,000 Markdown cancellations Freight-in 39,000 Employee discounts granted 11,000 Loss from breakage (normal) 8,500 Instructions Assuming that EDK Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at Decemb 31, 2018.

P9-7B (L06) (Retail Inventory Method) Presented below is information related to EDK Inc. Cost $ 165,000 Inventory, 12/31/17 Purchases Retail $ 260,000 1,261,000 804,500 45,000 Purchase returns 71,000 Purchase discounts 12,000 1,240,000 Gross sales (after employee discounts) Sales returns 51,500 Markups 68,000 16,000 Markup cancellations Markdowns 86,000 21,000 Markdown cancellations Freight-in 39,000 Employee discounts granted 11,000 Loss from breakage (normal) 8,500 Instructions Assuming that EDK Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at Decemb 31, 2018.

Name: P9-7B (L06) (Retail Inventory Method) Presented below is information
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Description: P9-7B (L06) (Retail Inventory Method) Presented below is information related to EDK Inc.Cost$ 165,000Inventory, 12/31/17PurchasesRetail$ 260,0001,261,000804,50045,000Purchase returns71,000Purchase discounts12,0001,240,000Gross sales (after employee

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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