Clarabell Inc. uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $129,000 436,000 Retail $220,000 737,000 60,000 26,000 702,000 To the nearest thousand, estimated ending inventory using the conventional retail method is: (Do not round intermediate calculations.)
Clarabell Inc. uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $129,000 436,000 Retail $220,000 737,000 60,000 26,000 702,000 To the nearest thousand, estimated ending inventory using the conventional retail method is: (Do not round intermediate calculations.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Clarabell Inc. uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales
Cost
Retail
$129,000 $220,000
436,000 737,000
60,000
26,000
702,000
To the nearest thousand, estimated ending inventory using the conventional retail method is: (Do not round intermediate
calculations.)
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