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The records of Diskount department stores Inc. provided the following data for 20X5:
Sales (gross) $800,000
Sales returns $2,000
Additional markups $9,000
Additional markup cancellations $5,000
Markdowns $7,000
Purchases:
At retail $850,000
At cost $459,000
Purchase returns:
At retail $4,000
At cost $2,200
Freight on purchases $7,000
Beginning inventory:
At retail $80,000
At cost $45,000
Markdown cancellations $3,000
Problem 1: Estimate the valuation of the ending inventory and cost of goods sold using the gross margin method. Last year's gross margin percentage was 51%.
Problem 2: Estimate the valuation of the ending inventory and cost of goods sold using the retail sales method, which approximates lower-of-cost-or-NRV valuation.
Problem 3: Which method is likely to be more accurate? Comment.
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