Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at
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Question:
Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at December 31, 2016, is as follows:
Estimated normal shrinkage is 2% of sales.
Required:
Prepare a schedule to calculate the estimated ending inventory at the lower of average cost or market at December 31, 2016, using the retail inventory method. Show supporting computations in good form. Round the cost-to-retail ratio to 3 decimal places.
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