Question
Clarabell Inc. uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Cost Retail Beginning inventory
Clarabell Inc. uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:
| Cost | Retail | |||||
| Beginning inventory | $ | 115,000 | $ | 194,000 | ||
| Net purchases | 408,000 | 709,000 | ||||
| Net markups | 42,000 | |||||
| Net markdowns | 24,000 | |||||
| Net sales | 688,000 | |||||
To the nearest thousand, estimated ending inventory using the conventional retail method is: (Do not round intermediate calculations.)
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Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz
5th edition
134128524, 978-0134128528
