Question
Harley Inc. uses the conventional retail method to estimate its ending inventories. The following data has been summarized for December 31, 2016: Cost Retail Inventory,
Harley Inc. uses the conventional retail method to estimate its ending inventories. The following data has been summarized for December 31, 2016:
|
| Cost | Retail |
| Inventory, January 1 | $208,000 | $280,000 |
| Purchases | 470,000 | 610,000 |
| Net markups |
| 15,300 |
| Net markdowns |
| 11,200 |
| Normal spoilage |
| 4,600 |
| Net sales |
| 489,500 |
Required: Estimate the cost of ending inventory applying the conventional retail method.
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Expert Systems And Artificial Intelligence In Internal Auditing
Authors: Daniel E. O'Leary, Paul R. Watkins
1st Edition
1558760865, 978-1558760868
