Chapter 1 Problem 8-36
Cost Retail
Inventory – January 1, 2008 556,800 928,000
Purchases 4,576,000 7,028,000
Net markup 42,000
Net markdown ________ ( 30,000)
Net purchases (65%) 4,576,000 7,040,000
Goods available for sale 5,132,800 7,968,000
Sales (6,840,000)
Inventory – December 31, 2008 1,128,000
FIFO inventory (65% x 1,128,000) 733,200 1,128,000
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Cost Retail
Inventory – January 1, 2009 733,200 1,128,000
Purchases 4,760,000 6,812,000
Net markup 56,000
Net markdown ________ ( 68,000)
Net purchases (70%) 4,760,000 6,800,000
Goods available for sale 5,493,200 7,928,000
Sales (6,928,000)
Inventory – December 31, 2009 1,000,000
FIFO inventory (70% x 1,000,000) 700,000 1,000,000
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