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Flott Department Store prepares monthly financial statements but only takes a physical count of merchandise inventory at the end of the year. The following information

Flott Department Store prepares monthly financial statements but only takes a physical count
of merchandise inventory at the end of the year. The following information has been
developed for July:
The net sales for July amounted to $140,000.
Instructions
Use the retail inventory method to estimate the ending inventory at cost for July. Show all
computations to support your answer.
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