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Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2024, is as follows: Retail Beginning
Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2024, is as follows: Retail Beginning inventory Net purchases Net sales Cost $ 46,000 $ 83,000 246,000 417,000 401,000 Required: Use the retail method to estimate the June 30, 2024, inventory. Note: Round "Cost-to-retail percentage" to 1 decimal place. Estimated ending inventory (At Retail) Estimated ending inventory (At Cost)
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Estimating Ending Inventory using the Retail Method 1 Calculate the costtoretail percenta...Get Instant Access to Expert-Tailored Solutions
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