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Its sayinh its wrong when i take 59 percent from 191,300. can someone help? Required: 1. Compute estimated ending inventory and cost of goods sold
Its sayinh its wrong when i take 59 percent from 191,300. can someone help?
Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. (Round rat calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sig Cost Rotall Cost-to-Retail Ratio $ 52,000 $ 219,000 72,000 412,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 19,470 (5,500) (8,000) 7,000 483,000 (4.700) 478,300 Net markdowns Goods available for sale 284,970 Cost-to-retail percentage (conventional rotoll method) 59.00% 8,000 Normal breakage Net sales Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cout Estimated cost of goods sold (292,000) (3,000) 191,300 Step by Step Solution
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