Zanesville Pots Co. uses the conventional retail method to estimate ending inventories. The following data has...
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Zanesville Pots Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for the year ended December 31, 2021: Inventory, January 1 Purchases Net markups Net markdowns Normal spoilage Net sales Cost $ 88,000 163,000 Ending inventory Retail $132,000 240,000 10,100 9,200 43,200 213,000 Required: Estimate the cost of ending inventory applying the conventional retail method. (Round "Cost-to-retail percentage" to 1 decimal place.) Zanesville Pots Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for the year ended December 31, 2021: Inventory, January 1 Purchases Net markups Net markdowns Normal spoilage Net sales Cost $ 88,000 163,000 Ending inventory Retail $132,000 240,000 10,100 9,200 43,200 213,000 Required: Estimate the cost of ending inventory applying the conventional retail method. (Round "Cost-to-retail percentage" to 1 decimal place.)
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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