Question: Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2021, is as follows: Cost Retail Beginning

Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2021, is as follows:

Cost Retail
Beginning inventory $ 42,000 $ 79,000
Net purchases 242,000 421,000
Net sales 397,000

Required: Use the retail method to estimate the June 30, 2021, inventory.

1. Estimated ending inventory (at retail)

2. Estimated ending inventory (at cost)

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