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Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2018, is as follows: Cost Retail Beginning
Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2018, is as follows:
| Cost | Retail | |||||
| Beginning inventory | $ | 37,000 | $ | 74,000 | ||
| Net purchases | 237,000 | 426,000 | ||||
| Net sales | 392,000 | |||||
Required: Use the retail method to estimate the June 30, 2018, inventory.
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