Trent Co. uses the retail inventory method. The following information is available for the current year. Cost Retail 183,000.00 Beginning inventory 117,000.00 Purchases 442,000.00 623,000.00 Freight in 8,000.00 Employee discounts 3,000.00 Net markups 22,000.00 30,000.00 Net markdowns Sales 585,000.00 the ending inventory at retail should be Php 216,000 Php 225,000 Php 240,000 Php 210,000

Trent Co. uses the retail inventory method. The following information is available for the current year. Cost Retail 183,000.00 Beginning inventory 117,000.00 Purchases 442,000.00 623,000.00 Freight in 8,000.00 Employee discounts 3,000.00 Net markups 22,000.00 30,000.00 Net markdowns Sales 585,000.00 the ending inventory at retail should be Php 216,000 Php 225,000 Php 240,000 Php 210,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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