Question
The records of Cordes Goods provided the following information for the year ended December 21 2020 At Cost At Retail January 1 beginning inventory $854,000
The records of Cordes Goods provided the following information for the year ended December 21 2020
At Cost At Retail
January 1 beginning inventory $854,000 $ 2,462,162
Purchases $ 1,536,900 $3,975,455
Purchase returns $36,900 $ 75,455
Sales $8,756,000
Sales Returns $89,200
Required:Prepare an estimate of the company's year end inventory using the retail method.
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Ethics in Accounting A Decision Making Approach
Authors: Gordon Klein
1st edition
1118928334, 978-1118928332
