ABC Malls uses the retail method to estimate it interim inventory balance. It gathered the following for the current reporting period: Cost Retail Beginning Inventory P 800,000 P1,300,000 Purchases 5,900,000 9,500,000 Freight-in 240,000 Purchase returns and allowance 460,000 300,000 600,000 Purchase discount Net Markup Net Markdown 500,000 400,000 9,200,000 300,000 250,000 400,000 If ABC uses the average retail method, how much would the 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 Beginning Inventory P 800,000 P1,300,000 Purchases 5,900,000 9,500,000 Freight-in 240,000 Purchase returns and allowance 460,000 300,000 600,000 Purchase discount Net Markup Net Markdown 500,000 400,000 9,200,000 300,000 250,000 400,000 If ABC uses the average retail method, how much would the Sales Sales returns and allowances Sales discount Normal inventory loss estimated ending inventory be?
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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After looking at the attachment, if ABC uses the average retail method, how much would the estimated ending inventory be?
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