Ebasan Company used the average cost retail inventory method. The entity provided the following information for the current year: Cost Retail 1,500,000 2,200,000 Beginning inventory Net purchases 3,875,000 4,950,000 Departmental transfer -credit 200,000 300,000 Net markup 150,000 Inventory shortage at sales price 100,000 Employee discounts 200,000 Sales, including sales of P400,000 of items which were marked down from P500,000 4,000,000

Ebasan Company used the average cost retail inventory method. The entity provided the following information for the current year: Cost Retail 1,500,000 2,200,000 Beginning inventory Net purchases 3,875,000 4,950,000 Departmental transfer -credit 200,000 300,000 Net markup 150,000 Inventory shortage at sales price 100,000 Employee discounts 200,000 Sales, including sales of P400,000 of items which were marked down from P500,000 4,000,000

Name: . Ebasan Company used the average cost retail inventory method. The e
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Description: . Ebasan Company used the average cost retail inventory method. The entity provided the following informationfor the current year:CostRetail1,500,0002,200,000Beginning inventoryNet purchases3,875,0004,950,000Departmental transfer -credit200,000300,0

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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