Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of...
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Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data. Cost Price Retail Selling Price Inventory of merchandise, June $ $ Purchases during July Goods available for sale during July $ $ Net sales during July $ a Estimate the cost of goods sold and the cost of the July ending inventory using the retail method of evaluation.
Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data.
Cost Price Retail Selling Price
Inventory of merchandise, June $ $
Purchases during July
Goods available for sale during July $ $
Net sales during July $
a Estimate the cost of goods sold and the cost of the July ending inventory using the retail method of evaluation.
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