Exercise 6-13 Estimating ending inventory-retail method LO6 During 2023, Harmony Co. sold $517,000 of merchandise at marked retail prices. At the end of 2023, the following infor available from its records: Beginning inventory Net purchases At Cost At Retail $253,800 390,600 Ending inventory $124,600 228,240 Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answe decimal places.)
Exercise 6-13 Estimating ending inventory-retail method LO6 During 2023, Harmony Co. sold $517,000 of merchandise at marked retail prices. At the end of 2023, the following infor available from its records: Beginning inventory Net purchases At Cost At Retail $253,800 390,600 Ending inventory $124,600 228,240 Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answe decimal places.)
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section20.3: Estimating Inventory
Problem 1OYO
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![Exercise 6-13 Estimating ending inventory-retail method LO6
During 2023, Harmony Co. sold $517,000 of merchandise at marked retail prices. At the end of 2023, the following inform
available from its records:
Beginning inventory
Net purchases
At Cost At Retail
$124,600 $253,800
228,240 390,600
Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answer
decimal places.)
Ending inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2c855d09-659a-430c-b80e-706ecad434fa%2F3bd2b4e2-4ede-4eb9-aa13-fe2e7fe0fcd9%2Fnhjbj56_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 6-13 Estimating ending inventory-retail method LO6
During 2023, Harmony Co. sold $517,000 of merchandise at marked retail prices. At the end of 2023, the following inform
available from its records:
Beginning inventory
Net purchases
At Cost At Retail
$124,600 $253,800
228,240 390,600
Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answer
decimal places.)
Ending inventory
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