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The records of Diskount Department Stores Inc. provided the following data for 205 : Required: 1. Estimate the valuation of the ending inventory and cost
The records of Diskount Department Stores Inc. provided the following data for 205 : Required: 1. Estimate the valuation of the ending inventory and cost of goods sold using the gross margin method. Last year's gross margin percentage was 51%. 2. Estimate the valuation of the ending inventory and cost of goods sold using the retail sales method, which approximates lower-ofcost-or-NRV valuation. (Round "Cost ratio" to the nearest whole percentage.)
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