Solution-Prepare a schedule computing estimated lower of

Prepare a schedule computing estimated lower of cost

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Question - 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 - Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) inventory for October 31, 2021.

Reference no: EM133037961

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Prepare a schedule computing estimated lower of cost

Reference no: EM133037961

Reference no: EM133037961

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