Given the following information for Miller, Inc.: Cost Retail Markdown cancellations $950 Markup cancellations 3,500 Employee discounts 1,020 Purchase returns $1,030 1,520 Purchases 35,400 46,787 Inventory, January 1 7,160 13,820 Purchase discounts taken 756 Freight-in 4,000 Markups 14,500 Markdowns 2,600 Sales 56,700 Required: a. Determine the inventory value using the retail inventory method and the FIFO cost flow assumption. b. Determine the inventory value using the retail inventory method and the lower of average cost or market cost flow assumption.Round intermediate calculation to two decimal places and final answer to nearest dollar.

Given the following information for Miller, Inc.: Cost Retail Markdown cancellations $950 Markup cancellations 3,500 Employee discounts 1,020 Purchase returns $1,030 1,520 Purchases 35,400 46,787...

Given the following information for Miller, Inc.:

	Cost	Retail
Markdown cancellations		$950
Markup cancellations		3,500
Employee discounts		1,020
Purchase returns	$1,030	1,520
Purchases	35,400	46,787
Inventory, January 1	7,160	13,820
Purchase discounts taken	756
Freight-in	4,000
Markups		14,500
Markdowns		2,600
Sales		56,700

Required:

a. Determine the inventory value using the retail inventory method and the FIFO cost flow assumption.

b. Determine the inventory value using the retail inventory method and the lower of average cost or market cost flow assumption.Round intermediate calculation to two decimal places and final answer to nearest dollar.

Jun 02, 2022

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Given the following information for Miller, Inc.: Cost Retail Markdown cancellations $950 Markup cancellations 3,500 Employee discounts 1,020 Purchase returns $1,030 1,520 Purchases 35,400 46,787...

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