Question: Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2011 are as follows: Required:

Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2011 are as follows:


Required:

Estimate the ending inventory and cost of goods sold for 2011, applying the conventional retail method (average, LCM).


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