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Discuss the retail inventory method

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Question: In 2011, Wichita Company had net sales (at retail) of $130,000. The following additional information is available from its records at the end of 2011. Use the retail inventory method to estimate Wichita's 2011 ending inventory at cost.

                                        At Cost            At Retail

Beginning inventory              $31,900            $64,200

Cost of goods purchased        57,810              98,400

Reference no: EM131533349

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