Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data. Cost Price Retail Selling Price Inventory of merchandise, June 30 $ 300,000 $ 500,000 Purchases during July 222,000 400,000 Goods available for sale during July $ 522,000 $ 900,000 Net sales during July $ 600,000 a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation.

Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data. Cost Price Retail Selling Price Inventory of merchandise, June 30 $ 300,000 $ 500,000 Purchases during July 222,000 400,000 Goods available for sale during July $ 522,000 $ 900,000 Net sales during July $ 600,000 a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation.

Name: Phillips Supply uses a periodic inventory system but needs to determi
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Description: Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory atthe end of each month without taking a physical inventory. Phillips has provided the following inventory data.Cost Price Retail Selling Pri

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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