Question
Trask Inc. uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2021: Cost Retail
Trask Inc. uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2021:
|
| Cost | Retail |
| Inventory, January 1 | $ 54,205 | $ 78,000 |
| Purchases | 326,000 | 466,000 |
| Net markups |
| 8,200 |
| Net markdowns |
| 16,700 |
| Net sales |
| 412,000 |
Required: Estimate the ending inventory and cost of goods sold as of December 31, 2021. SHOW YOUR WORK.
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Auditing And Financial Management Federal Information System Controls Audit Manual
Authors: U.S. Government Accountability Office
1st Edition
1289168172, 978-1289168179
