Ivanhoe Company uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) was $380000 ($584000). purchases during the current year at cost (retail) were $1855000 ($3100000), freight-in totaled $119000, sales during the current year totaled $2800000, and net markups (markdowns) were $62000 ($98000). What is Ivanhoe's ending inventory value at cost? (Round intermediate calculations to 4 decimal places, e.g. 52.7552) $542306 O $848000 $555506 O$532883 Save for Later Attempts: 0 of 1 used. Submit Answer

Ivanhoe Company uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) was $380000 ($584000). purchases during the current year at cost (retail) were $1855000 ($3100000), freight-in totaled $119000, sales during the current year totaled $2800000, and net markups (markdowns) were $62000 ($98000). What is Ivanhoe's ending inventory value at cost? (Round intermediate calculations to 4 decimal places, e.g. 52.7552) $542306 O $848000 $555506 O$532883 Save for Later Attempts: 0 of 1 used. Submit Answer

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Description: d Ivanhoe Company uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory atcost (retail) was $380000 ($584000). purchases during the current year at cost (retail) were $1855000 ($3100000), freigh

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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