The following information is available for the past month for a retail store: Sales $80,000 Markups $ 9,000 Markdowns $ 7,000 Purchases (at cost) $ 38,800 Purchases (at retail) $107,000 Beginning inventory (at cost) $ 30,000 Beginning inventory (at retail) $ 46,000 REQUIRED: Estimate the cost of ending inventory and cost of goods sold, assuming the use of the conventional retail method.
The following information is available for the past month for a retail store: Sales $80,000 Markups $ 9,000 Markdowns $ 7,000 Purchases (at cost) $ 38,800 Purchases (at retail) $107,000 Beginning inventory (at cost) $ 30,000 Beginning inventory (at retail) $ 46,000 REQUIRED: Estimate the cost of ending inventory and cost of goods sold, assuming the use of the conventional retail method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format and show calculation thanku
Transcribed Image Text:The following information is available
for the past month for a retail store:
Sales $ 80,000 Markups $9,000
Markdowns $ 7,000 Purchases (at cost)
$ 38,800
Purchases (at retail) $107,000
Beginning inventory (at cost) $ 30,000
Beginning inventory (at retail) $ 46,000
REQUIRED: Estimate the cost of
ending inventory and cost of goods
sold, assuming the use of the
conventional retail method.
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