During 2023, Harmony Co. sold $510,000 of merchandise at marked retail prices. At the end of 2023, the following information wa available from its records: Beginning inventory Net purchases At Cost $117,600 221,240 Ending inventory At Retail $246,800 383,600 Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answers to 2 decimal places.)
During 2023, Harmony Co. sold $510,000 of merchandise at marked retail prices. At the end of 2023, the following information wa available from its records: Beginning inventory Net purchases At Cost $117,600 221,240 Ending inventory At Retail $246,800 383,600 Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answers to 2 decimal places.)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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