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What the opulence estimated inventory at july

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Reference no: EM133150822

Question - Opulence Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 2020, are as follows:

Cost Retail

Inventory, 2/1/20 P200,000 P250,000

Purchases 1,000,000 1,575,000

Markups, net 175,000

Sales 1,760,000

Estimated normal shoplifting losses 20,000

Markdowns, net 120,000

Under the lower of cost and net realizable value method, what the Opulence's estimated inventory at July 31, 2020?

Reference no: EM133150822

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