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Dean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 20X7, are as follows: Cost Retail Inventory, 1/1/X7 Purchases Markups, net Sales P 180,000 1,020,000 P 250,000 1,575,000 175,000 1,705,000 20,000 Estimated normal shoplifting losses Markdown, net 125,000 Under the average cost retail method, Dean's estimated inventory at July 31, 20X7 is

Dean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 20X7, are as follows: Cost Retail Inventory, 1/1/X7 Purchases Markups, net Sales P 180,000 1,020,000 P 250,000 1,575,000 175,000 1,705,000 20,000 Estimated normal shoplifting losses Markdown, net 125,000 Under the average cost retail method, Dean's estimated inventory at July 31, 20X7 is

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Dean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 20X7, are as follows: Cost Retail Inventory, 1/1/X7 Purchases Markups, net Sales P 180.000 1,020,000 P 250,000 1,575,000 175,000 Estimated normal shoplifting losses Markdown, net 1,705,000 20,000 125,000 Under the average cost retail method, Dean's estimated inventory at July 31, 20X7 is
Transcribed Image Text:Dean Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 20X7, are as follows: Cost Retail Inventory, 1/1/X7 Purchases Markups, net Sales P 180.000 1,020,000 P 250,000 1,575,000 175,000 Estimated normal shoplifting losses Markdown, net 1,705,000 20,000 125,000 Under the average cost retail method, Dean's estimated inventory at July 31, 20X7 is
a. P90,000 b. P96,000 c. P102,000 d. P150,000
Transcribed Image Text:a. P90,000 b. P96,000 c. P102,000 d. P150,000
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