Estimating Inventory Using Retail Inventory Method-Conventional Outlet Store applies the conventional retail inventory method. Information relating to the computation of inventory for 2020 follows. Estimated normal spoilage is 2% of sales. At Cost At Retail Beginning inventory $ 72,000 $144,000 Sales 1,080,000Purchases 540,000 1,062,000 Freight - in 14,400 Markups 108,000Markup Cancellations 36,000Markdowns 45,000 Markdown Cancellations 9,000 Calculate estimated ending inventory for 2020 using the conventional retail method. Ending Inventory $ Please show work!!!!
Estimating Inventory Using Retail Inventory Method-Conventional Outlet Store applies the conventional retail inventory method. Information relating to the computation of inventory for 2020 follows. Estimated normal spoilage is 2% of sales. At Cost At Retail Beginning inventory $ 72,000 $144,000 Sales 1,080,000Purchases 540,000 1,062,000 Freight - in 14,400 Markups 108,000Markup Cancellations 36,000Markdowns 45,000 Markdown Cancellations 9,000 Calculate estimated ending inventory for 2020 using the conventional retail method. Ending Inventory $ Please show work!!!!
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Estimating Inventory Using Retail Inventory Method-Conventional Outlet Store applies the
conventional retail inventory method. Information relating to the computation of inventory for
2020 follows. Estimated normal spoilage is 2% of sales. At Cost At Retail Beginning inventory $
72,000 $144,000 Sales 1,080,000Purchases 540,000 1,062,000 Freight - in 14,400 Markups
108,000Markup Cancellations 36,000Markdowns 45,000 Markdown Cancellations 9,000
Calculate estimated ending inventory for 2020 using the conventional retail method. Ending
Inventory $
Please show work!!!!
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