Net sales (net of 40K returns and 10K discounts)7. Manuals Corp. determined the following information for thepurpose of applying the retail method of inventory estimation:of applying the retail method of inventory estimation:CostRetailP 75,000P 45,000Inventory, beg.Net sales (net of 40K returns and 10K discounts)590,000270,000590,000PurchasesFreight-inNet markupsNet markdownsNormal shrinkage6,75050,00020,00012,000How much is the cost of goods sold under each of the followingmethods?FIFOAveragec. 283,329.30d. 283,329.30 284,698.80FIFOAveragea. 281,229.67 282,828.77b. 273,329.30 284,698.80282,828.77

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Description: Net sales (net of 40K returns and 10K discounts)7. Manuals Corp. determined the following information for thepurpose of applying the retail method of inventory estimation:of applying the retail method of inventory estimation:CostRetailP 75,000P 45,0

SOLUTION- INVENTORY COSTINGS HELPS IN DETERMINING THE COST INCURRED ON INVENTORY.

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Manuals Corp. purpose of applying the retail method of inventory estimation: llowing information for the Cost Retail P 45,000 rentory, beg. sales (net of 40K returns and 10K discounts) P 75,000 590,000 270,000 chases ght-in markups markdowns 590,000 6,750 50,000 20,000 mal shrinkage 12,000 - much is the cost of goods sold under each of the following nods? Average . 281,229.67 282,828.77 273,329.30 284,698.80 FIFO Average c. 283,329.30 d. 283,329.30 FIFO 282,828.77 284,698.80

Manuals Corp. purpose of applying the retail method of inventory estimation: llowing information for the Cost Retail P 45,000 rentory, beg. sales (net of 40K returns and 10K discounts) P 75,000 590,000 270,000 chases ght-in markups markdowns 590,000 6,750 50,000 20,000 mal shrinkage 12,000 - much is the cost of goods sold under each of the following nods? Average . 281,229.67 282,828.77 273,329.30 284,698.80 FIFO Average c. 283,329.30 d. 283,329.30 FIFO 282,828.77 284,698.80

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

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

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