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, 20--: Cost Retail Inventory, start of period (January 1, 20- -) $37,000 $66,000 Net purchases during the period Net sales for the period 174,000 330,000 310,500 Required: 1. Estimate the ending inventory as of April 30, 20--, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole number. Estimate the ending inventory 2. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole number. Estimated cost of goods sold

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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, 20--:
Cost
Retail
Inventory, start of period (January 1, 20-
-)
$37,000
$66,000
Net purchases during the period
Net sales for the period
174,000
330,000
310,500
Required:
1. Estimate the ending inventory as of April 30, 20--, using the retail inventory method.
Round your intermediate calculations and final answer to the nearest whole number.
Estimate the ending inventory
2. Estimate the cost of goods sold for the time period, January 1, through April 30, using the
retail inventory method. Round your intermediate calculations and final answer to the nearest
whole number.
Estimated cost of goods sold
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, 20--: Cost Retail Inventory, start of period (January 1, 20- -) $37,000 $66,000 Net purchases during the period Net sales for the period 174,000 330,000 310,500 Required: 1. Estimate the ending inventory as of April 30, 20--, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole number. Estimate the ending inventory 2. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole number. Estimated cost of goods sold
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