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Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2016, is as follows: Cost Retail Beginning
Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2016, is as follows:
| Cost | Retail | |||||
| Beginning inventory | $ 40,000 | $ 77,000 | ||||
| Net purchases | 240,000 | 423,000 | ||||
| Net sales | 395,000 | |||||
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| Required: | |
| Use the retail method to estimate the June 30, 2016, inventory. (Round "Cost-to-retail percentage" to 1 decimal place.) | |
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Auditing In The Public Sector Efficiency Economy And Program Results
Authors: James L. Savage, Felix Pomeranz, Alfred J. Cancellieri, Joseph B. Stevens
1st Edition
0882621238, 978-0882621234
