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The Company provided the following information: Cost Retail Beginning 1,650,000 2,200,000 Inventory Net Purchases 3,725,000 4,950,000 Transfers - 200,000 300,000 credit Net markup 150,000 Normal loss 100,000 Employee discounts 200,00

The Company provided the following information: Cost Retail Beginning 1,650,000 2,200,000 Inventory Net Purchases 3,725,000 4,950,000 Transfers - 200,000 300,000 credit Net markup 150,000 Normal loss 100,000 Employee discounts 200,00

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 5 The Company provided the following information: Cost Retail Beginning 1,650,000 2,200,000 Inventory Net Purchases 3,725,000 4,950,000 Transfers - credit 200,000 300,000 Net markup 150,000 Normal loss 100,000 Employee 200,000 discounts Sales, including sales of P400,000 which were 4,000,000 marked down from P500,000 What is the estimated cost of inventory using the weighted average retail method?
Transcribed Image Text:Problem 5 The Company provided the following information: Cost Retail Beginning 1,650,000 2,200,000 Inventory Net Purchases 3,725,000 4,950,000 Transfers - credit 200,000 300,000 Net markup 150,000 Normal loss 100,000 Employee 200,000 discounts Sales, including sales of P400,000 which were 4,000,000 marked down from P500,000 What is the estimated cost of inventory using the weighted average retail method?
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