Question
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 | $ | 39,000 | $ | 76,000 | ||
| Net purchases | 239,000 | 424,000 | ||||
| Net sales | 394,000 | |||||
Required: Use the retail method to estimate the June 30, 2018, inventory. (Round "Cost-to-retail percentage" to 1 decimal place.)
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Integral Audit Acceptions Objectives And Practices
Authors: David Pavón, Catalina Rueda
1st Edition
6206302083, 978-6206302087
