Question
Rainey Retailers disclosed the following data for January. At Cost At Retail Beginning inventory $28,000 $36,400 Sales 434,000 Sales returns (items restored to inventory) 7,000
Rainey Retailers disclosed the following data for January.
| At Cost | At Retail | |
|---|---|---|
| Beginning inventory | $28,000 | $36,400 |
| Sales | 434,000 | |
| Sales returns (items restored to inventory) | 7,000 | |
| Purchases | 210,000 | 420,000 |
| Purchase returns | 4,200 | 8,400 |
| Freight-in | 12,600 |
Calculate estimated ending inventory using the average cost retail method.
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To calculate estimated ending inventory using the average cost retail method we need to calculate th...
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
