Question: Outlet Store applies the conventional retail inventory method. Information relating to the computation of inventory for the year follows. Estimated normal spoilage is 2%

Outlet Store applies the conventional retail inventory method. Information relating to the

Outlet Store applies the conventional retail inventory method. Information relating to the computation of inventory for the year follows. Estimated normal spoilage is 2% of sales. Beginning inventory Sales Purchases Freight-in Markups Markup cancellations Markdowns Markdown cancellations At Cost At Retail $48,000 $96,000 360,000 9,600 720,000 708,000 72.000 24,000 30,000 6,000 Calculate estimated ending inventory for the year using the conventional retail method.

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