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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU!
Almaden Valley Variety Store uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 29,000 119,600 6,910 8,000 Retail $ 37,000 182,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales 10,000 14,500 11,500 5,900 169,000 Required: Complete the table below to estimate the ending Inventory and cost of goods sold for 2021, applying the conventional retail method using the information provided. Cost-to-Retail Cost Retail Beginning inventory Plus: Purchases Freight-in Less: Purchase returns Plus: Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Normal spoilage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold
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