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Estimating Inventory Using Retail Inventory Method Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month
Estimating Inventory Using Retail Inventory Method Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost $53,800 Inventory, June 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchase returns and allowances Sales returns and allowances Selling Price $80,000 21,000 29,000 10,000 9,000 223,600 250,000 3,600 10,000 173,200 3,000 Compute estimated inventory at June 30, 2020, using the conventional retail inventory method
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