The records of Earthly Goods provided the following Information for the year ended December 31, 2020.At CostAt Retail$ 521, 350 $ 977,1506,448, 700129, 3505,595, 700January 1 beginning inventoryPurchases4,138, 245Purchase returns62, 800SalesSales returns49, 600Requlred:1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.)EARTHLY GOODSEstimated InventoryDecember 31, 2020At CostAt RetailGoods available for sale:Goods available for saleCost to retail ratioEstimated ending inventory at cost

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Description: The records of Earthly Goods provided the following Information for the year ended December 31, 2020.At CostAt Retail$ 521, 350 $ 977,1506,448, 700129, 3505,595, 700January 1 beginning inventoryPurchases4,138, 245Purchase returns62, 800SalesSales re

Closing inventory represents the inventory that remains at the end of the accounting period.

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Accounting

The records of Earthly Goods provided the following information for the year ended December 31, 2020. At Retail $ 521, 350 $ 977,150 6,448, 700 129, 350 5,595, 700 At Cost January 1 beginning inventory Purchases 4,138,245 Purchase returns 62,800 Sales Sales returns 49, 600

The records of Earthly Goods provided the following information for the year ended December 31, 2020. At Retail $ 521, 350 $ 977,150 6,448, 700 129, 350 5,595, 700 At Cost January 1 beginning inventory Purchases 4,138,245 Purchase returns 62,800 Sales Sales returns 49, 600

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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