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kindly, slove all requirement Question: (Mark) ABC Company has decided to use the retail inventory method to estimate ending inventory and cost of yoods sold
kindly, slove all requirement
Question: (Mark) ABC Company has decided to use the retail inventory method to estimate ending inventory and cost of yoods sold for the year at hand. Data for 2019 follows: Cost $97.000 363,000 9,700 7,700 Retail $187.000 587.000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage and breakage Sales Sales returns 11,700 16,700 12,700 3.700 547,000 10,700 Instructions: Part A Assuming that ABC Co. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2019. Part B:(This is an independent question not related to Part A) Tariq Corporation traded a used truck (cost $200,000, accumulated depreciation $180.000) for a small car worth $33,000. Tariq also paid $5000 in the transaction. Prepare the journal entry (if any) to record the exchange. (The exchange lacks commercial substance.) Step by Step Solution
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