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Sherrie's Shoes Uses the FIFO Retail Inventory Method to Determine

question 52

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Sherrie's Shoes uses the FIFO retail inventory method to determine its ending inventory.The accounting records for Sherrie's Shoes contained the following information:  Cost  Retail  Purchases $242,000$348,830 Sales 394,000 Sales returns 5,076 Beginning inventory 60,500107,294 Net markups 32,800 Net markdowns 12,000\begin{array}{lll}&\text { Cost }&\text { Retail }\\\text { Purchases } & \$ 242,000 & \$ 348,830 \\\text { Sales } & & 394,000 \\\text { Sales returns } & & 5,076 \\\text { Beginning inventory } & 60,500 & 107,294 \\\text { Net markups } & & 32,800 \\\text { Net markdowns } & & 12,000\end{array} The freight-in charges for the merchandise were $7, 500.What is the cost of ending inventory for Sherrie's Shoes?


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Non-necessary Items

Products or services deemed not essential for basic living and functioning.

Gifts

Voluntary transfers of property or funds to another party without expecting anything in return.

Minor

A person under the legal age of adulthood, which varies by country but is commonly 18 years old.

Intoxicated

The state of being under the influence of alcohol or drugs to a degree that significantly impairs one's physical and cognitive functions.

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