Question
Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data
Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of June 2024:
| Cost | Retail | |
|---|---|---|
| Beginning inventory | $ 90,000 | $ 134,000 |
| Net purchases | 287,000 | 520,000 |
| Net markups | 27,000 | |
| Net markdowns | 39,000 | |
| Net sales | 540,000 |
The estimated ending inventory is:
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The Routledge Companion To Auditing
Authors: David Hay, W. Robert Knechel, Marleen Willekens
1st Edition
1138363081, 978-1138363083
