Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2024, is as follows Beginning inventory Net purchases Net sales Required: Retail Cost $ 46,000 246,000 $ 83,000 417,000 401,000 Use the retail method to estimate the June 30, 2024, inventory. Note: Round "Cost-to-retail percentage" to 1 decimal place. Estimated ending inventory (At Retail) Estimated ending inventory (At Cost)
Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2024, is as follows Beginning inventory Net purchases Net sales Required: Retail Cost $ 46,000 246,000 $ 83,000 417,000 401,000 Use the retail method to estimate the June 30, 2024, inventory. Note: Round "Cost-to-retail percentage" to 1 decimal place. Estimated ending inventory (At Retail) Estimated ending inventory (At Cost)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2024, is as follows:
Beginning inventory
Net purchases
Net sales
Retail
Cost
$ 46,000
$ 83,000
246,000
417,000
401,000
Required:
Use the retail method to estimate the June 30, 2024, inventory.
Note: Round "Cost-to-retail percentage" to 1 decimal place.
Estimated ending inventory (At Retail)
Estimated ending inventory (At Cost)
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