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For numbers 6 and 7: Bruno Company provided the following data: Cost Retail Beginning inventory 340,000 540,000 Purchases 4,500,000 7,300,000 Freight in 100,000 Purchase return 150,000 300,000 Purchase allowance 90,000 Departmental transfer in 100,000 160,000 Net markup 200,000 Net markdown 500,000 Sales 6,500,000 Sales allowance 50,000 Employee discount 100,000 Spoilage and breakage 300,000 6. What is the estimated cost of ending inventory using the conservative retail? 668,354 c. 364,557 303,797 d. 360,000 7. What is the estimated cost of ending inventory using the average cost retail? 713,542 c. 384,000 389,189 d. 324,324

For numbers 6 and 7: Bruno Company provided the following data: Cost Retail Beginning inventory 340,000 540,000 Purchases 4,500,000 7,300,000 Freight in 100,000 Purchase return 150,000 300,000 Purchase allowance 90,000 Departmental transfer in 100,000 160,000 Net markup 200,000 Net markdown 500,000 Sales 6,500,000 Sales allowance 50,000 Employee discount 100,000 Spoilage and breakage 300,000 6. What is the estimated cost of ending inventory using the conservative retail? 668,354 c. 364,557 303,797 d. 360,000 7. What is the estimated cost of ending inventory using the average cost retail? 713,542 c. 384,000 389,189 d. 324,324

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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For numbers 6 and 7: Bruno Company provided the following data: Cost Retail Beginning inventory 340,000 540,000 Purchases 4,500,000 7,300,000 Freight in 100,000 Purchase return 150,000 300,000 Purchase allowance 90,000 Departmental transfer in 100,000 160,000 Net markup 200,000 Net markdown 500,000 Sales 6,500,000 Sales allowance 50,000 Employee discount 100,000 Spoilage and breakage 300,000 6. What is the estimated cost of ending inventory using the conservative retail? 668,354 c. 364,557 303,797 d. 360,000 7. What is the estimated cost of ending inventory using the average cost retail? 713,542 c. 384,000 389,189 d. 324,324
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