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Calculate Inventory At Cost Price Using Retail Inventory Method

Question

Jan’s Boutique provides the following information relating to the financial year ending 30 December 20X7

                                                     Cost Price    Retail Price

                                                             $                $

Beginning inventory                           58,400           77,600

Net purchases                                  289,600          386,400

 

Additional information

Net sales @ retail $392,000

Staff discounts on goods sold $3,200

Required

Calculate ending inventory at cost price using the retail inventory method.

 

Summary

The question belongs to Accounting and it discusses about calculating inventory at cost price using retail inventory method.

Total Word Count 23

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