Boxer Inc. uses the conventional retail method to determine its ending inventory at cost. Assume...
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Boxer Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $393,500 ($594,000), purchases during the current year at cost (retail) were $3,408,000 ($5,193,600), freight-in on these purchases totaled $159,500, sales during the current year totaled $4,666,000, and net markups were $414,000. What is the ending inventory value at cost? a. $1,535,600. b. $1,082,850. c. $981,248. d. $1,050,350.
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