ACC 304 All Assignments ACC 304 All Assignments

10) The following data concerning the retail inventory method are taken from the financial records of Welch Company. Cost Retail Beginning inventory $ 147,000 Purchases 672,000 Freight-in 18,000 Net markups — Net markdowns Sales — — $ 210,000 960,000 — 60,000 42,000 1,008,000 If the foregoing figures are verified and a count of the ending inventory reveals that merchandise actually on hand amounts to $108,000 at retail, the business has 11) Muckenthaler Company sells product 2005WSC for $40 per unit. The cost of one unit of 2005WSC is $36, and the replacement cost is $35. The estimated cost to dispose of a unit is $8, and the normal profit is 40%. At what amount per unit should product 2005WSC be reported, applying lower-of-cost-or-market?

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