7. Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2013: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 54,205 326.000 Retail $78,000 466,000 8.200 16,700 412.000 Required: Estimate the ending inventory as of December 31, 2013.

7. Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2013: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 54,205 326.000 Retail $78,000 466,000 8.200 16,700 412.000 Required: Estimate the ending inventory as of December 31, 2013.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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