Question: PA7-8 (Supplement B) Estimating Inventory Using the Retail Inventory Method Fleming Enterprises accounting records indicated the following at the end of the quarter: Cost Retail

PA7-8 (Supplement B) Estimating Inventory Using the Retail Inventory Method Fleming Enterprises’ accounting records indicated the following at the end of the quarter: Cost Retail Beginning inventory $ 84,000 $112,000 Purchases 318,000 424,000 Goods available for sale $402,000 $536,000 Sales $468,000 Required: 1. Compute ending inventory at cost using the retail method. 2. Compute cost of goods sold using the answer to requirement 1.

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