Essay
Flott Department Store prepares monthly financial statements but only takes a physical count of merchandise inventory at the end of the year. The following information has been developed for the month of July: 
The net sales for July amounted to $140,000.
Instructions
Use the retail inventory method to estimate the ending inventory at cost for July. Show all computations to support your answer.
Correct Answer:
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(2) Cost to retail ratio = 70...View Answer
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Correct Answer:
Verified
(2) Cost to retail ratio = 70...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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