Question
Lafayette Company uses the first-in, first-out retail method of inventory valuation. The following information is available: Beginning inventory: P115,000 at cost; P300,000 at retail Purchases:
Lafayette Company uses the first-in, first-out retail method of inventory valuation. The following information is available:
Beginning inventory: P115,000 at cost; P300,000 at retail
Purchases: P600,000 at cost; P1,100,000 at retail
Net additional markups- P100,000; net markdowns- P200,000
Sales revenue 1,200,000
What is the estimated cost of the ending inventory using the average retail method?
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H Garrison, Eric Noreen
8th edition
1259917061, 978-1259917066
