Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data
Question:
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2024 are as follows:
The company records sales net of employee discounts. Employee discounts for 2024 totaled $4,000.
Required:
Estimate Sparrow’s ending inventory and cost of goods sold for the year using the retail inventory method and the following applications:
1. Average cost
2. Conventional
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1 Average cost Cost Retail Beginning inventory 90000 180000 Plus Purchases 355000 580000 Freightin 9...View the full answer
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