Please show to me the proper solution in a good accounting form. ABC Malls uses the retail method to estimate it interiminventory balance. It gathered the following for the currentreporting period:CostRetailBeginning InventoryPurchasesFreight-inP 800,000 P1,300,0005,900,000240,000460,000300,0009,500,000Purchase returns and allowance600,000Purchase discountNet Markup500,000400,0009,200,000300,000250,000Net MarkdownSalesSales returns and allowancesSales discountNormal inventory loss400,000If ABC uses the average retail method, how much would theestimated ending inventory be?Your answer

Average Cost method- It means the total cost of all the purchases which made during the period,…

ABC Malls uses the retail method to estimate it interim inventory balance. It gathered the following for the current reporting period: Cost Retail P 800,000 P1,300,000 5,900,000 240,000 460,000 300,000 Beginning Inventory Purchases 9,500,000 Freight-in Purchase returns and allowance 600,000 Purchase discount Net Markup 500,000 400,000 9,200,000 300,000 250,000 400,000 If ABC uses the average retail method, how much would the Net Markdown Sales Sales returns and allowances Sales discount Normal inventory loss estimated ending inventory be?

ABC Malls uses the retail method to estimate it interim inventory balance. It gathered the following for the current reporting period: Cost Retail P 800,000 P1,300,000 5,900,000 240,000 460,000 300,000 Beginning Inventory Purchases 9,500,000 Freight-in Purchase returns and allowance 600,000 Purchase discount Net Markup 500,000 400,000 9,200,000 300,000 250,000 400,000 If ABC uses the average retail method, how much would the Net Markdown Sales Sales returns and allowances Sales discount Normal inventory loss estimated ending inventory be?

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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