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Spend Less Hypermarket provided the following information: Retail 945,000 5,000,000 4,200,000 6,000,000 700,000 675,000 Cost 555,200 Beginning inventory Sales Purchases Normal spoilage Abnormal spoilage - theft and casualty loss Freight in Mark ups Mark up cancellations Mark down Markdown cancellations Sales return Employee discount 386,950 84,250 1,250,000 100,000 650,000 80,000 200,000 500,000 8. How much is the estimated ending inventory at cost using the average method?

Spend Less Hypermarket provided the following information: Retail 945,000 5,000,000 4,200,000 6,000,000 700,000 675,000 Cost 555,200 Beginning inventory Sales Purchases Normal spoilage Abnormal spoilage - theft and casualty loss Freight in Mark ups Mark up cancellations Mark down Markdown cancellations Sales return Employee discount 386,950 84,250 1,250,000 100,000 650,000 80,000 200,000 500,000 8. How much is the estimated ending inventory at cost using the average 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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Problem E: Spend Less Hypermarket provided the following information: Retail 945,000 5,000,000 6,000,000 700,000 675,000 Cost 555,200 Beginning inventory Sales Purchases Normal spoilage Abnormal spoilage - theft and casualty loss Freight in Mark ups Mark up cancellations Mark down 4,200,000 386,950 84,250 1,250,000 100,000 650,000 80,000 200,000 500,000 Markdown cancellations Sales return Employee discount 8. How much is the estimated ending inventory at cost using the average method?
Transcribed Image Text:Problem E: Spend Less Hypermarket provided the following information: Retail 945,000 5,000,000 6,000,000 700,000 675,000 Cost 555,200 Beginning inventory Sales Purchases Normal spoilage Abnormal spoilage - theft and casualty loss Freight in Mark ups Mark up cancellations Mark down 4,200,000 386,950 84,250 1,250,000 100,000 650,000 80,000 200,000 500,000 Markdown cancellations Sales return Employee discount 8. How much is the estimated ending inventory at cost using the average method?
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