Homework answers / question archive / Fad City sells novel clothes that are subject to a great deal of price volatility

Fad City sells novel clothes that are subject to a great deal of price volatility

Accounting

Share With

Fad City sells novel clothes that are subject to a great deal of price volatility. A recent item that cost $20.40 was marked up $12.30, marked down for a sale by $5.20 and then had a markdown cancellation of $4.00. The latest selling price is:
Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $31,400, and its ending inventory on December 31 was understated by $15,800. In addition, a purchase of merchandise costing $20,900 was incorrectly recorded as a $2,090 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: