he following information was developed for Oriole Department Store: At Cost At Retail Beginning inventory $430,000 $650,000 Goods purchased 873,500 1,325,000 Net sales 1,220,000 If Oriole Department Store estimates inventory by using the retail inventory method, what is the estimated cost of ending inventory? Estimated cost of ending inventory $enter the Estimated cost of ending inventory in dollars If Oriole Department Store uses the gross profit method and net sales are $590,000, the gross profit rate is 30%, and cost of goods available for sale is $472,000, what is the estimated cost of ending inventory? Estimated cost of ending inventory $enter the Estimated cost of ending inventory in dollars
he following information was developed for Oriole Department Store: At Cost At Retail Beginning inventory $430,000 $650,000 Goods purchased 873,500 1,325,000 Net sales 1,220,000 If Oriole Department Store estimates inventory by using the retail inventory method, what is the estimated cost of ending inventory? Estimated cost of ending inventory $enter the Estimated cost of ending inventory in dollars If Oriole Department Store uses the gross profit method and net sales are $590,000, the gross profit rate is 30%, and cost of goods available for sale is $472,000, what is the estimated cost of ending inventory? Estimated cost of ending inventory $enter the Estimated cost of ending inventory in dollars
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information was developed for Oriole Department Store:
| At Cost | At Retail | |||
|---|---|---|---|---|
|
Beginning inventory
|
$430,000 | $650,000 | ||
|
Goods purchased
|
873,500 | 1,325,000 | ||
|
Net sales
|
1,220,000 |
If Oriole Department Store estimates inventory by using the retail inventory method, what is the estimated cost of ending inventory?
| Estimated cost of ending inventory | $enter the Estimated cost of ending inventory in dollars |
If Oriole Department Store uses the gross profit method and net sales are $590,000, the gross profit rate is 30%, and cost of goods available for sale is $472,000, what is the estimated cost of ending inventory?
| Estimated cost of ending inventory | $enter the Estimated cost of ending inventory in dollars |
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