Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following

Question:

Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2011 fiscal year:

The company records sales to employees net of discounts. These discounts totaled $15,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method (average cost and the LCMapproximation).

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...