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Problem
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2016:
Cost
Retail
Beginning inventory
49,000
69,000
Purchases
216,000
409,000
Freight-in
25,920
Purchase returns
4,000
6,500
Net markups
6,700
Net markdowns
4,400
Normal breakage
Net sales
289,000
Employee discounts
2,700
Sales are recorded net of employee discounts.
Required:
1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method.
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