Inventory for using the retail method

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Reference no: EM131072229

Curtis Company must estimate its ending inventory and has the following information available from the most recent accounting period: Cost Retail Jan 1 Inventory $85,000 $160,250 Net Cost of Goods Purchased 493,000 689,750 Sales 689,000 Sales Returns 24,000 a. Compute the December 31 inventory for Curtis using the retail method. b. Compute the December 31 inventory for Curtis Company using the gross profit method The gross profit rate has historically been 35% of net sales.

Reference no: EM131072229

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