Sultan Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory computation at June 30, 2020 are as follows: (pls see inserted picture) What is the estimated cost of June 30, 2020 inventory using the average approach? * Cost Retail Inventory, January 1 Net Purchases Net Mark-ups Net Mark-downs 1,262,800 820,000 2,280,000 3,607,200 450,000 320,000 Sales 4,350,000 Sales returns Employee discount Sales discount Normal shrinkage 300,000 100,000 80,000 50,000

Sultan Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory computation at June 30, 2020 are as follows: (pls see inserted picture) What is the estimated cost of June 30, 2020 inventory using the average approach? * Cost Retail Inventory, January 1 Net Purchases Net Mark-ups Net Mark-downs 1,262,800 820,000 2,280,000 3,607,200 450,000 320,000 Sales 4,350,000 Sales returns Employee discount Sales discount Normal shrinkage 300,000 100,000 80,000 50,000

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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