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Prepare a schedule to compute an estimate of ending inventory using the conventional retail inventory methods: Cost Retail Beginning Inventory December 1 62,000 88,000 Purchases
Prepare a schedule to compute an estimate of ending inventory using the conventional retail inventory methods:
| Cost | Retail | |
|---|---|---|
| Beginning Inventory December 1 | 62,000 | 88,000 |
| Purchases | 282,000 | 523,000 |
| Freight In | 14,600 | |
| Purchase Returns | 3,600 | 6,000 |
| Additional Markups | 11,000 | |
| Markup Cancellations | 4,000 | |
| Markdowns (net) | 5,600 | |
| Normal Spoilage | 7,000 | |
| Sales | 500,000 |
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Electronic Working Papers For Needles Powers Crossons Financial And Managerial Accounting 9th And Crosson Needles Managerial Accounting
Authors: Susan V. Crosson, Belverd E. Needles
9th Edition
0538791918, 978-0538791915
