Willie Nelson's Boots 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 $ 41,000 151,000 Retail $ 57,000 213,000 30,000 25,000 215,000
Willie Nelson's Boots 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 $ 41,000 151,000 Retail $ 57,000 213,000 30,000 25,000 215,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Willie Nelson's Boots 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
$ 41,000
151,000
Retail
$
57,000
213,000
30,000
25,000
215,000
To the nearest thousand, estimated ending inventory using the conventional retail method is (Do not round intermediate
calculations):
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