Universal Suppliers had sales of $471,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information: Universal SuppliersFinancial HighlightsJune 1–June 30 Cost Retail Beginning Inventory $304,371 $583,900 Net Purchases (June) 109,137 226,900
Universal Suppliers had sales of $471,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information: Universal SuppliersFinancial HighlightsJune 1–June 30 Cost Retail Beginning Inventory $304,371 $583,900 Net Purchases (June) 109,137 226,900
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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Universal Suppliers had sales of $471,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information:
Universal SuppliersFinancial HighlightsJune 1–June 30
Cost | Retail | |
---|---|---|
Beginning Inventory | $304,371 | $583,900 |
Net Purchases (June) | 109,137 | 226,900 |
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