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Question - Sultan uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the inventory computation at June 30, 2014 are as follows:
Cost Retail
Inventory, Jan 1 820,000 1,262,800
Net Purchases 2,280,000 3,607,200
Net Markups 450,000
Net Markdowns 320,000
Sales 4,350,000
Sales Returns 300,000
Employee Discount 100,000
Sales Discount 80,000
Normal Shrinkage 50,000
Required - What is the estimated cost of June 30, 2014 inventory using the average approach?
a. 496,000
b. 616,000
c. 466,000
d. 800,000
james and pamela brock and william brock provide you with the following information related to expenditure they have
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