Question
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2016: Cost Retail Inventory,
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2016: Cost Retail Inventory, January 1 $ 53,000 $ 78,000 Purchases 322,360 466,000 Net markups 8,000 Net markdowns 16,700 Net sales 392,000 Required: Estimate the ending inventory as of December 31, 2016. estimated ending inventory at retail? at cost?
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The Process Auditing And Techniques Guide
Authors: J.P. Russell
2nd Edition
087389782X, 978-0873897822
