The records of Earthly Goods provided the following Information for the year ended December 31, 2020.At CostAt Retail$ 521, 35e $ 977,1504,138, 245January 1 beginning inventory6,448, 700129, 3505,595,70049,600PurchasesPurchase returnsSales62, 800Sales returnsRequlred: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, 35e $ 977,1504,138, 245January 1 beginning inventory6,448, 700129, 3505,595,70049,600PurchasesPurchase returnsSales62, 800Sal

Year end inventory means cost of ending inventory which is left at the end of the period.

Business

Accounting

The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 6,448, 700 129,350 5,595, 700 49,600 January 1 beginning inventory Purchases 4,138, 245 Purchase returns 62, 800 Sales Sales returns Required: 1. Prepare an estimate of the company's year-end inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio 9% Estimated ending inventory at cost

The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 6,448, 700 129,350 5,595, 700 49,600 January 1 beginning inventory Purchases 4,138, 245 Purchase returns 62, 800 Sales Sales returns Required: 1. Prepare an estimate of the company's year-end inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio 9% Estimated ending inventory at cost

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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