Question
Flint Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2021: Cost Retail
- Flint Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2021:
|
| Cost | Retail |
| Inventory, January 1 | $ 54,205 | $ 78,000 |
| Purchases | 332,000 | 466,000 |
| Purchase discount | 6,000 |
|
| Net markups |
| 8,200 |
| Net markdowns |
| 16,700 |
| Net sales |
| 412,000 |
Required:
Estimate the ending inventory as of December 31, 2021.
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College Accounting A Practical Approach
Authors: Jeffrey Slater
12th edition
978-0132772068, 133468100, 013277206X, 9780133468106, 978-0133133233
