Question

Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data:

.:.
a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation.
b. Was the cost of Phillips’s inventory, as a percentage of retail selling prices, higher or lower in July than it was in June? Explain.



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  • CreatedApril 17, 2014
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