What is the estimate of the merchandise inventory, Cost Accounting

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What is the estimate of the merchandise inventory

Retail Inventory Method

Response to the following problem:

The following data were available from the records of the Hegge Department Store for the year ended December 31, 2010:

At Cost At Retail

Merchandise inventory, January 1, 2010: $ 90,000 $ 1 30,000

Purchases 330,000 460,000

Markups 10,000

Markdowns 40,000

Sales 480,000

Required:

Using the retail method, what is the estimate of the merchandise inventory at December 31, 2010 valued at the lower of cost or market?

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Cost Accounting: What is the estimate of the merchandise inventory

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Cost Accounting: What is the estimate of the merchandise inventory

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