An analysis of the cost of sales account revealed that the inventory is valued at...
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Accounting
An analysis of the cost of sales account revealed that the inventory is valued at average cost within each of the different styles carried. Since the owner is still learning what has appeal, a "mark-down rack" has become a common fixture at the back of the store. The tagged prices of the mark-downs are less than their costs, at December 31, 2023 by $700. This difference has not been recorded in the financial statements.
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