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Sagot :
Answer:
Conventional Retail Method
Cost Retail Cost to Retail ratio
Beginning Inventory 252,960 281,000
Add: Net Purchases 1,368,000 2,097,000
Add: Net Markups 78,000
2,456,000
Cost-to-retail Percentage 66.00% (1620960/2456000)
Less: Net Markdowns -32,000
Goods Available for Sale 1,620,960 2,424,000
Less: Net Sales -2,243,000
Estimated Ending Inventory at Retail $181,000
Estimated Ending Inventory at Cost = $181,000*66% = $119,460
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