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Estimate the ending inventory as of December 31, 2024. Estimated ending inventory at retail Estimated ending inventory at cost

Estimate the ending inventory as of December 31, 2024. Estimated ending inventory at retail Estimated ending inventory at cost

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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Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2024: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 53,000 322,360 Retail $ 78,000 466,000 Estimated ending inventory at retail Estimated ending inventory at cost 8,000 16,700 392,000 Required: Estimate the ending inventory as of December 31, 2024.
Transcribed Image Text:Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2024: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 53,000 322,360 Retail $ 78,000 466,000 Estimated ending inventory at retail Estimated ending inventory at cost 8,000 16,700 392,000 Required: Estimate the ending inventory as of December 31, 2024.
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