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Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2023: Cost Retail Inventory,
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2023: Cost Retail Inventory, January 1 $ 63,000 $ 88,000 Purchases 422,360 566,000 Net markups 16,000 Net markdowns 32,700 Net sales 492,000 REQUIRED: Estimate the ending inventory as of December 31, 2023
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
