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Home Q & A Board Other Fields Homework Help Business Accounting
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hellothere2 hellothere2
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6 years ago
A department store wants to estimate the cost of ending inventory using the conventional retail method. Round ratios to four decimal places.  For example, 0.43677 equals 0.4368.  The following data is available:

Sales $90,000
Sales Returns$1,000
Markups$10,000
Markdowns$9,000
Purchases (at cost)$20,000
Purchases (at retail)$50,000
Purchase returns (at cost)$1,200
Purchase returns (at retail)$2,000
Beginning inventory (at cost)$30,000
Beginning inventory (at retail) $46,000

Required:
Using the conventional retail method, estimate the cost of ending inventory.
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
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lmunizlmuniz
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Posts: 203
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6 years ago
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hellothere2 Author
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#2
6 years ago
Thank you for helping me with my quiz
wrote...
#3
6 years ago
Perfect
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