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Question: Woodburn Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of August 2021:
Inventory, August 1, 2021
At cost $91,000
At retail 136,000
Purchases (exclusive of freight and returns)
At cost 185,000
At retail 261,000
Freight-in 21,600
Purchase returns
At cost 9,200
At retail 12,400
Markups 9,000
Markup cancellations 3,000
Markdowns (net) 16,600
Normal spoilage and breakage 6,000
Sales 310,000
Instructions
(a) Using the conventional retail method, compute the cost of its ending inventory for August 31, 2021.
(b) Using the cost retail method, compute the cost of its ending inventory for August 31, 2021.
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