Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of June 2021:E Cost Retail $138,000 Beginning inventory Net purchases Net markups Net markdowns Net sales $100,000 319,000 540,000 29, 000 43, 000 560, 000 To the nearest thousand, estimated ending inventory is: Muliple Cneice S66.000.
Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of June 2021:E Cost Retail $138,000 Beginning inventory Net purchases Net markups Net markdowns Net sales $100,000 319,000 540,000 29, 000 43, 000 560, 000 To the nearest thousand, estimated ending inventory is: Muliple Cneice S66.000.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 63E: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records...
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