Question: Phillips Supply uses a periodic inventory system but needs to

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.


View Solution:


Sale on SolutionInn
Sales1
Views359
Comments
  • CreatedApril 17, 2014
  • Files Included
Post your question
5000