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Required: 1. 2. Estimate the ending inventory as of April 30, 2016, using the retail inventory method. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method.

Required: 1. 2. Estimate the ending inventory as of April 30, 2016, using the retail inventory method. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method.

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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The following information is taken from the books of All in the Family Center for the first quarter of its fiscal year ending on April 30, 2016 Inventory, start of period (January 1, 2016) Net purchases during the period Net sales for the period Required: 1. 2. Estimate the ending inventory as of April 30, 2016, using the retail inventory method. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method. Ratio of cost to retail prices of goods available for sale Percentage: 1. Estimated ending inventory at Cost = Cost 2. Estimated cost of goods sold Cost $ 37,000 174,000 Retail $ 66,000 330,000 310,500 Retail D
Transcribed Image Text:The following information is taken from the books of All in the Family Center for the first quarter of its fiscal year ending on April 30, 2016 Inventory, start of period (January 1, 2016) Net purchases during the period Net sales for the period Required: 1. 2. Estimate the ending inventory as of April 30, 2016, using the retail inventory method. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method. Ratio of cost to retail prices of goods available for sale Percentage: 1. Estimated ending inventory at Cost = Cost 2. Estimated cost of goods sold Cost $ 37,000 174,000 Retail $ 66,000 330,000 310,500 Retail D
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