Question
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2024: Cost Retail Inventory,
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2024:
| Cost | Retail | |
|---|---|---|
| Inventory, January 1 | $ 50,000 | $ 76,500 |
| Purchases | 321,673 | 464,800 |
| Net markups | 7,700 | |
| Net markdowns | 16,400 | |
| Net sales | 389,000 |
Required:
Estimate the ending inventory as of December 31, 2024.
Estimated ending inventory retail"
estimated ending inventory cost:
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Cornerstones of Financial and Managerial Accounting
Authors: Rich Jones, Mowen, Hansen, Heitger
1st Edition
9780538751292, 324787359, 538751290, 978-0324787351
