RETAIL METHOD. Kleins Department Store uses the retail method. For the first quarter, Kleins had the following
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RETAIL METHOD. Klein’s Department Store uses the retail method. For the first quarter, Klein’s had the following data:
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Beginning inventory Purchases Sales revenue AT COST AT RETAIL $134,970 $204,500 559,680 848,000 904,300 REQUIRED: Determine the ending inventory at the end of the quarter. Then use the estimated end- ing inventory to estimate cost of goods sold and gross margin for the quarter.
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