Jane Company used the retail inventory method to estimate inventory at year-end. Cost Retail Beginning Inventory 720,000
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Question:
Jane Company used the retail inventory method to estimate inventory at year-end.
Cost | Retail | |
Beginning Inventory | 720,000 | 1,000,000 |
Purchases | 4,080,000 | 6,300,000 |
Net Mark up | 700,000 | |
Net Markdown | 500,000 | |
Sales | 6,820,000 | |
Estimated normal loss | 80,000 |
Under the conservative retail method, what is the goods available for sale- retail?
a. 7,300,000
b. 8,000,000
c. 7,500,000
d. 7,920,000
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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