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Problem - Empress Company used the retail inventory method to approximate the ending inventory.
The following information is available for the current year.
Cost
Retail
Beginning inventory
650,000
1,200,000
Purchases
9,000,000
14,700,000
Freight in
200,000
Purchase returns
300,000
500,000
Purchase allowances
150,000
Departmental transfer in
Net markup
Net markdown
1,000,000
Sales
9,500,000
Sales discounts
100,000
Employee discounts
Estimated normal shoplifting losses
600,000
Estimated normal shrinkage
400,000
Required -
a. What is the estimated cost of the ending inventory if the conservative approach was used?
b. What is the estimated cost of the ending inventory if the average cost approach was used?
c. What is the estimated cost of the ending inventory if the FIFO approach was used?
Note - Please present the solution in good accounting form.
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