Question
REQUIRED: Estimate the Ending Inventory AND Cost of Goods Sold as of December 31, 2020, rounding ratio to the nearest whole percentage for ACC 330
REQUIRED:
Estimate the Ending Inventory AND Cost of Goods Sold as of December 31, 2020, rounding ratio to the nearest whole percentage for ACC 330 Products uses the conventional retail method.
The following data has been summarized for the year 2020:
|
| Cost | Retail |
| Inventory, January 1 | $ 53,000 | $ 78,000 |
| Purchases | 322,360 | 466,000 |
| Net markdowns |
| 16,700 |
| Net sales |
| 392,000 |
|
|
|
|
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Accounting Reform In Transition And Developing Economies
Authors: Robert W. McGee
1st Edition
0387257071, 9780387257075
