Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cos following data is available from the company records for the month of June 2024: Cost Beginning inventory $ 115,000 367,000 Net purchases Net markups Net markdowns Net sales. Retail $144,000 570,000 32,000 49,000 590,000 The estimated ending inventory is: Note: Round cost-to-retail ratio to 2 decimal places.
Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cos following data is available from the company records for the month of June 2024: Cost Beginning inventory $ 115,000 367,000 Net purchases Net markups Net markdowns Net sales. Retail $144,000 570,000 32,000 49,000 590,000 The estimated ending inventory is: Note: Round cost-to-retail ratio to 2 decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The
following data is available from the company records for the month of June 2024:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales
Multiple Choice
$73,991.
$71,052.
The estimated ending inventory is:
Note: Round cost-to-retail ratio to 2 decimal places.
O $76,302
Cost
$ 115,000
367,000
$73,118
Retail
$144,000
570,000
32,000
49,000
590,000
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