Universal Suppliers had sales of $471,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information: Universal SuppliersFinancial HighlightsJune 1–June 30 Cost Retail Beginning Inventory $304,371 $581,900 Net Purchases (June) 141,569 228,900 $
Universal Suppliers had sales of $471,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information: Universal SuppliersFinancial HighlightsJune 1–June 30 Cost Retail Beginning Inventory $304,371 $581,900 Net Purchases (June) 141,569 228,900 $
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 46E
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Universal Suppliers had sales of $471,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information:
Universal SuppliersFinancial HighlightsJune 1–June 30
Cost | Retail | |
---|---|---|
Beginning Inventory | $304,371 | $581,900 |
Net Purchases (June) | 141,569 | 228,900 |
$
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