A retail shop needs to estimate the cost of its ending inventory for insurance purposes. Since it is Christmas, it cannot close for a physical count of inventory. The shop uses a periodic inventory system. The insurance company will accept an estimate using the retail method. The shop owner knows the cost of opening inventory was $125,000 from the previous year-end's physical count and its selling price was $180,000. From invoices, the owner knows the cost of purchases was $100,000 and the retail selling prices totalled $260,000. Cash register receipts show that sales from the beginning of the year totalled $250,000. What is the ending inventory under the retail method (round % to the nearest whole number)?

A retail shop needs to estimate the cost of its ending inventory for insurance purposes. Since it is Christmas, it cannot close for a physical count of inventory. The shop uses a periodic inventory system. The insurance company will accept an estimate using the retail method. The shop owner knows the cost of opening inventory was $125,000 from the previous year-end's physical count and its selling price was $180,000. From invoices, the owner knows the cost of purchases was $100,000 and the retail selling prices totalled $260,000. Cash register receipts show that sales from the beginning of the year totalled $250,000. What is the ending inventory under the retail method (round % to the nearest whole number)?

Name: Please do not give solution in image format thanku A retail shop needs
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Description: Please do not give solution in image format thanku A retail shop needs to estimate the cost ofits ending inventory for insurancepurposes. Since it is Christmas, it cannotclose for a physical count of inventory. Theshop uses a periodic inventory syste

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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