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Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information:

Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information:

FINANCIAL ACCOUNTING
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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Universal Suppliers had sales of $473,000 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 Suppliers Financial Highlights June 1-June 30 Cost Retail Beginning Inventory $308,371 $583,900 Net Purchases (June) 121,353 226,900
Transcribed Image Text:Universal Suppliers had sales of $473,000 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 Suppliers Financial Highlights June 1-June 30 Cost Retail Beginning Inventory $308,371 $583,900 Net Purchases (June) 121,353 226,900
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