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 Inventory, June 1 $86,080 $128,000 Markdowns   33,600 Markups   46,400 Markdown cancellations   16,000 Markup cancellations   14,400 Purchases 277,120 357,760 Sales   400,000 Purchase returns and allowances 4,800 5,760 Sales returns and allowances   16,000   Compute estimated inventory at June 30, 2020, using the conventional retail inventory method.

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A: Retail inventory method:  Under this method, the closing stock of inventory is measured using cost…

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A: Inventory comprises goods and materials held by a business for resale or production, including raw…

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Q: FIFO

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A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

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A: An instrument for tracking and measuring changes over time in the average cost of a specific basket…

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A: Answer a)

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A: SOLUTION-                                   COST OF GOODS AVAILABLE FOR SALE      DATE…

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A: PLEASE GIVE A LIKE, your response matters  [a] $ 15.50 per unit  [b] $ 6975  [c] $ 5425

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.