Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has...
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Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2024: Purchases Cost Retail Inventory, January 1 $ 53,000 $ 78,000 322,360 466,000 8,000 16,700 392,000 Net markups Net markdowns Net sales Required: Estimate the ending inventory as of December 31, 2024. Estimated ending inventory at retail Estimated ending inventory at cost Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2024: Purchases Cost Retail Inventory, January 1 $ 53,000 $ 78,000 322,360 466,000 8,000 16,700 392,000 Net markups Net markdowns Net sales Required: Estimate the ending inventory as of December 31, 2024. Estimated ending inventory at retail Estimated ending inventory at cost
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