A retailer has a beginning monthly inventory valued at $60,000 at retail and $35,000 at...
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Accounting
A retailer has a beginning monthly inventory valued at $60,000 at retail and $35,000 at cost. Net purchases during the month are $150,000 at retail and $70,000 at cost. Transportation charges are $17,000. Sales are $150,000. Markdowns and discounts equal $20,000. A physical inventory at the end of the month shows merchandise valued at $10,000 (at retail) on hand. Compute the following:
a. Total merchandise available for sale at cost and at retail
b. Cost complement
c. Ending retail book value of inventory
d. Stock shortages
e. Adjusted ending retail book value
f. Gross profit
Please show steps. Thank youu
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