Crane Department Store estimates inventory by using the retail inventory method. The following information was developed: At Cost At Retail Beginning inventory $350000 $700000 Goods purchased 850000 1300000 Net sales 1410000 The estimated cost of the ending ingentory is O $364000. O $336000. O $354000 O $236000
Crane Department Store estimates inventory by using the retail inventory method. The following information was developed: At Cost At Retail Beginning inventory $350000 $700000 Goods purchased 850000 1300000 Net sales 1410000 The estimated cost of the ending ingentory is O $364000. O $336000. O $354000 O $236000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...
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![Crane Department Store estimates inventory by using the retail inventory method. The following information was developed:
At Cost At Retail
Beginning inventory $350000
$700000
Goods purchased
850000
1300000
Net sales
1410000
The estimated cost of the ending intentory is
O $364000.
O $336000.
O $354000.
O $236000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F07cc42e1-acf5-4724-ac25-d839252bfd14%2Fe0b68faf-9154-4d57-96fe-b6a52c2bad21%2Fhul090n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Crane Department Store estimates inventory by using the retail inventory method. The following information was developed:
At Cost At Retail
Beginning inventory $350000
$700000
Goods purchased
850000
1300000
Net sales
1410000
The estimated cost of the ending intentory is
O $364000.
O $336000.
O $354000.
O $236000.
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