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Manuals Corp. purpose of applying the retail method of inventory estimation: llowing information for the Cost Retail P 45,000 rentory, beg. sales (net of 40K returns and 10K discounts) P 75,000 590,000 270,000 chases ght-in markups markdowns 590,000 6,750 50,000 20,000 mal shrinkage 12,000 - much is the cost of goods sold under each of the following nods? Average . 281,229.67 282,828.77 273,329.30 284,698.80 FIFO Average c. 283,329.30 d. 283,329.30 FIFO 282,828.77 284,698.80

Manuals Corp. purpose of applying the retail method of inventory estimation: llowing information for the Cost Retail P 45,000 rentory, beg. sales (net of 40K returns and 10K discounts) P 75,000 590,000 270,000 chases ght-in markups markdowns 590,000 6,750 50,000 20,000 mal shrinkage 12,000 - much is the cost of goods sold under each of the following nods? Average . 281,229.67 282,828.77 273,329.30 284,698.80 FIFO Average c. 283,329.30 d. 283,329.30 FIFO 282,828.77 284,698.80

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Net sales (net of 40K returns and 10K discounts) 7. Manuals Corp. determined the following information for the purpose of applying the retail method of inventory estimation: of applying the retail method of inventory estimation: Cost Retail P 75,000 P 45,000 Inventory, beg. Net sales (net of 40K returns and 10K discounts) 590,000 270,000 590,000 Purchases Freight-in Net markups Net markdowns Normal shrinkage 6,750 50,000 20,000 12,000 How much is the cost of goods sold under each of the following methods? FIFO Average c. 283,329.30 d. 283,329.30 284,698.80 FIFO Average a. 281,229.67 282,828.77 b. 273,329.30 284,698.80 282,828.77
Transcribed Image Text:Net sales (net of 40K returns and 10K discounts) 7. Manuals Corp. determined the following information for the purpose of applying the retail method of inventory estimation: of applying the retail method of inventory estimation: Cost Retail P 75,000 P 45,000 Inventory, beg. Net sales (net of 40K returns and 10K discounts) 590,000 270,000 590,000 Purchases Freight-in Net markups Net markdowns Normal shrinkage 6,750 50,000 20,000 12,000 How much is the cost of goods sold under each of the following methods? FIFO Average c. 283,329.30 d. 283,329.30 284,698.80 FIFO Average a. 281,229.67 282,828.77 b. 273,329.30 284,698.80 282,828.77
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