Solution-Prepare a schedule computing estimated lower of

Prepare a schedule computing estimated lower of cost

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Reference no: EM132940925

Grand Department Store, 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 October 2021:

Inventory, October 1, 2021:

At cost$21,000

At retail 31,000

Purchases (exclusive of freight and returns):

At cost 104,124

At retail 147,500

Freight-in 5,200

Purchase returns:

At cost 2,200

At retail 2,900

Additional markups 2,600

Markup cancellations 250

Markdowns (net) 810

Normal spoilage and breakage 4,600

Sales 140,900

Sales returns 4,170

Required:

Problem 1. Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) inventory for October 31, 2021. (Round your cost-to-retail percentage to 2 decimal places (i.e., 0.1234 should be entered as 12.34) and round your final answers to the nearest whole dollar.)

Reference no: EM132940925

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Prepare a schedule computing estimated lower of cost

Reference no: EM132940925

Reference no: EM132940925

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