Belrose Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 2018, are as follows: Cost Retail Inventory, 2/1/18 $ 200,000 $ 250,000 Purchases 1,000,000 1,575,000 Markups, net 175,000 Sales 1,750,000 Estimated normal shoplifting losses 20,000 Markdowns, net 110,000 Under the lower-of-cost-or-net realizable value method, Belrose’s estimated inventory at July 31, 2018 is $
Belrose Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 2018, are as follows:
Cost Retail
Inventory, 2/1/18 $ 200,000 $ 250,000
Purchases 1,000,000 1,575,000
Markups, net 175,000
Sales 1,750,000
Estimated normal shoplifting losses 20,000
Markdowns, net 110,000
Under the lower-of-cost-or-net realizable value method, Belrose’s estimated inventory at July 31, 2018 is $
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