The following data were available from Hegge Department Stores records for the year ended December 31, 2019:
Question:
The following data were available from Hegge Department Store’s records for the year ended December 31, 2019:
Required:
Using the retail method, what is the estimate of the merchandise inventory at December 31, 2019, valued at the lower of cost or market? Round the cost-to-retail ratio to 3 decimal places.
Transcribed Image Text:
At Retail At Cost $ 90,000 $ 130,000 Merchandise inventory, January 1, 2019 Purchases Markups Markdowns Sales 330,000 460,000 10,000 40,000 480,000
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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