Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost Selling Price $107,600 $160,000 42,000 58,000 20,000 18,000 447,200 500,000 7,200 20,000 Inventory, June 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchase returns and allowances Sales returns and allowances 346,400 $0 6,000 Compute estimated inventory at June 30, 2020, using the conventional retail inventory method.
Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost Selling Price $107,600 $160,000 42,000 58,000 20,000 18,000 447,200 500,000 7,200 20,000 Inventory, June 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchase returns and allowances Sales returns and allowances 346,400 $0 6,000 Compute estimated inventory at June 30, 2020, using the conventional retail inventory method.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Estimating Inventory Using Retail Inventory Method-Conventional
Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020.
Cost Selling Price
$107,600
$160,000
42,000
58,000
20,000
18,000
447,200
500,000
7,200
20,000
Inventory, June 1
Markdowns
Markups
Markdown cancellations
Markup cancellations
Purchases.
346,400
Sales
Purchase returns and allowances 6,000
Sales returns and allowances
Compute estimated inventory at June 30, 2020, using the conventional retail inventory method.
$0
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