The rebecca company provided the following data what is the


Problem

The Rebecca Company provided the following data for its December 31, 2016, inventory maintained on the retail basis.


At Cost

At Retail

Beginning inventory

$165,000

$225,000

Purchases

275,000

446,000

Markups (net)


45,750

Markdowns (net)


(32,000)

Sales


575,000

What is the estimated inventory at December 31, 2016, valued at lower of average cost or market?

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Accounting Basics: The rebecca company provided the following data what is the
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