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Grand Department Store, Incorpojated, uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single
Grand Department Store, Incorpojated, uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October: Required: 1. Using the conventional, retail ending inventory method, prepare a schedule computing estimated lower of cost or market (LCM) inventory and cost of goods sold for October. Note: Round your cost-to-retail percentage to 2 decimal places (i.e., 0.1234 should be entered as 12.34 ) and round your final answers to the nearest whole dollar
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