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Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data: Inventory of merchandise, June 30 Purchases during July Goods available for sale during July Net sales during July Required: Cost Price $ 309,000 223,000 $ 532,000 Estimated cost of goods sold Estimated ending inventory Retail Selling Price: $ 507,000 402,000 $ 909,000 $360,000 a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. Note: Round your intermediate calculations to 2 decimal places.

Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data: Inventory of merchandise, June 30 Purchases during July Goods available for sale during July Net sales during July Required: Cost Price $ 309,000 223,000 $ 532,000 Estimated cost of goods sold Estimated ending inventory Retail Selling Price: $ 507,000 402,000 $ 909,000 $360,000 a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. Note: Round your intermediate calculations to 2 decimal places.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data: Retail Selling Price $ 507,000 402,000 $ 909,000 $360,000 Inventory of merchandise, June 30 Purchases during July Goods available for sale during July Net sales during July Required: Cost Price $ 309,000 223,000 $ 532,000 a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. Note: Round your intermediate calculations to 2 decimal places. Estimated cost of goods sold Estimated ending inventory
Transcribed Image Text:Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data: Retail Selling Price $ 507,000 402,000 $ 909,000 $360,000 Inventory of merchandise, June 30 Purchases during July Goods available for sale during July Net sales during July Required: Cost Price $ 309,000 223,000 $ 532,000 a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. Note: Round your intermediate calculations to 2 decimal places. Estimated cost of goods sold Estimated ending inventory
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