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Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2021, is as follows: Beginning inventory Net purchases Net sales Cost $ 54,000 254,000 Estimated ending inventory (At Retail) Estimated ending inventory (At Cost) Retail $ 91,000 409,000 409,000 Required: Use the retail method to estimate the June 30, 2021, inventory. (Round "Cost-to-retail percentage" to 1 decimal place.)

Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2021, is as follows: Beginning inventory Net purchases Net sales Cost $ 54,000 254,000 Estimated ending inventory (At Retail) Estimated ending inventory (At Cost) Retail $ 91,000 409,000 409,000 Required: Use the retail method to estimate the June 30, 2021, inventory. (Round "Cost-to-retail percentage" to 1 decimal place.)

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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for...
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Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2021, is as follows: Beginning inventory Net purchases Net sales Cost $ 54,000 254,000 Estimated ending inventory (At Retail) Estimated ending inventory (At Cost) Retail $ 91,000 409,000 409,000 Required: Use the retail method to estimate the June 30, 2021, inventory. (Round "Cost-to-retail percentage" to 1 decimal place.)
Transcribed Image Text:Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2021, is as follows: Beginning inventory Net purchases Net sales Cost $ 54,000 254,000 Estimated ending inventory (At Retail) Estimated ending inventory (At Cost) Retail $ 91,000 409,000 409,000 Required: Use the retail method to estimate the June 30, 2021, inventory. (Round "Cost-to-retail percentage" to 1 decimal place.)
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