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
Net sales @ retail $392,000
Staff discounts on goods sold $3,200
Calculate ending inventory at cost price using the retail inventory method.
The question belongs to Accounting and it discusses about calculating inventory at cost price using retail inventory method.
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