7. Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2013: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 54,205 326.000 Retail $78,000 466,000 8.200 16,700 412.000 Required: Estimate the ending inventory as of December 31, 2013.

7. Manila Bread Company uses the average cost retail method to estimate its ending inventories. The following data has been summarized for the year 2013: Inventory, January 1 Purchases Net markups Net markdowns Net sales Cost $ 54,205 326.000 Retail $78,000 466,000 8.200 16,700 412.000 Required: Estimate the ending inventory as of December 31, 2013.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter8: Gross Profit Method (gp)

Section: Chapter Questions

Problem 3R: On December 31, 2013, the year-to-date account balances of selected accounts were as follows:...

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