Question
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021: Cost Retail Inventory,
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021:
| Cost | Retail | |||||
| Inventory, January 1 | $ | 45,000 | $ | 74,000 | ||
| Purchases | 320,568 | 462,800 | ||||
| Net markups | 7,200 | |||||
| Net markdowns | 15,900 | |||||
| Net sales | 384,000 | |||||
Required: Estimate the ending inventory as of December 31, 2021.
Need Estimated ending inventory at retail and at cost
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Intermediate Accounting Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian Edition
1119497043, 978-1119497042
