Aampa products is in the process of preparing interm

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Reference no: EM13581566

A&A products is in the process of preparing interm financial statements. Since they take physical on an annual basis they use the Retail Inventory Method to estimate inventory. Fortunately, A&A products keeps very detailed inventory records at both cost and retail. The following information for Corrugated boxes as of the end of the third quarter, 2012 is provided.

Cost. Retail

beginning inventory 92,000 167,000

purchases 220,000. 435,000

purchase discounts. 3,000

Purchase returns 8,000

markups 10,000

markup cancellation 25,000

markdowns 5000

employee discounts 9,000

Sales 430,000

* using the retail inventory method calculate ending inventory at costs for the third quarter of 2012

Reference no: EM13581566

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