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Required information Skip to question The following information applies to the questions displayed below. Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year operations is as follows: January beginning inventory had a cost of $ and a retail value of $ Purchases during cost $ with an original retail value of $ Freight costs were $ for incoming merchandise. Net additional markups were $ and net markdowns were $ Based on prior experience, shrinkage due to shoplifting was estimated to be $ of retail value. Merchandise is sold to employees at a of selling price discount. Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of is $ Sales to customers totaled $ for the year. Required: Estimate ending inventory and cost of goods sold using the conventional retail method.
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The following information applies to the questions displayed below.
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year operations is as follows:
January beginning inventory had a cost of $ and a retail value of $
Purchases during cost $ with an original retail value of $
Freight costs were $ for incoming merchandise.
Net additional markups were $ and net markdowns were $
Based on prior experience, shrinkage due to shoplifting was estimated to be $ of retail value.
Merchandise is sold to employees at a of selling price discount. Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of is $
Sales to customers totaled $ for the year.
Required:
Estimate ending inventory and cost of goods sold using the conventional retail method.
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