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:CostRetailP 180.000 P 250,0001,575,000175,0001,705,000mum 20,000125,000Inventory, 1/1/X7Purchases1,020,000Markups, netSalesEstimated normal shoplifting lossesMarkdown, netUnder the average cost retail method, Dean's estimated inventory at July 31, 20X7 isO P90,000O P96,000O P102,000O P150,000

Given that: Cost of beginning inventory = P180,000 Retail value of beginning inventory = P250,000…

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 P 180.000 1,020,000 Retail P 250,000 1,575,000 175,000 1,705,000 20,000 125,000 Inventory, 1/1/X7 Purchases Markups, net Sales Estimated normal shoplifting losses Markdown, net Under the average cost retail method, Dean's estimated inventory at July 31, 20X7 is O P90,000 O P96,000 P102,000 P150,000

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 P 180.000 1,020,000 Retail P 250,000 1,575,000 175,000 1,705,000 20,000 125,000 Inventory, 1/1/X7 Purchases Markups, net Sales Estimated normal shoplifting losses Markdown, net Under the average cost retail method, Dean's estimated inventory at July 31, 20X7 is O P90,000 O P96,000 P102,000 P150,000

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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