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Business
Accounting
Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost $ 340,000 873,000 26,000 Retail $ 490,000 1,250,000 52,000 22,000 1,220,000 Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)

Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost $ 340,000 873,000 26,000 Retail $ 490,000 1,250,000 52,000 22,000 1,220,000 Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)

FINANCIAL ACCOUNTING
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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Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost $ 340,000 873,000 26,000 Retail $ 490,000 1,250,000 52,000 22,000 1,220,000 Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 340,000 $ 490,000 873,000 1,250,000 26,000 52,000 1,792,000 (22,000) 1,239,000 1,770,000 (1,220,000) $ 550,000
Transcribed Image Text:Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost $ 340,000 873,000 26,000 Retail $ 490,000 1,250,000 52,000 22,000 1,220,000 Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 340,000 $ 490,000 873,000 1,250,000 26,000 52,000 1,792,000 (22,000) 1,239,000 1,770,000 (1,220,000) $ 550,000
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