Refer to the situation described in BE 97. Estimate ending inventory and cost of goods sold (LIFO)

Question:

Refer to the situation described in BE 9–7. Estimate ending inventory and cost of goods sold (LIFO) using the information provided.

BE 9–7

Cost Retail $ 450,000 Beginning inventory Net purchases Freight-in Net markups Net markdowns $300,000 861,000 1,210,000 22,000 48,000 18,000 Net sales 1,200,000

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 =...

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