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Pavlova-9 [17]
3 years ago
12

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: be

ginning inventory at cost and retail were $64,500 and $123,000, net purchases at cost and retail were $315,000 and $483,000, and sales during the first six months totaled $493,000. The estimated inventory at June 30, 2021, would be:
Business
1 answer:
faust18 [17]3 years ago
4 0

Answer:

Best estimate for inventory =$70,764.85

Explanation:

The closing inventory value at retail

= (Opening inventory + Purchases - sales)  all in retail prices

= $123,000 +  $483,000 - 493,000.

= 113000

Closing inventory value at cost

=113,000 ×  (64,500 + 315,000)/(123,000 +  $483,000)

=70,764.85

Best estimate for inventory =$70,764.85

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Answer:contact the FDIC/NCUA

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3 years ago
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The government can make money by borrowing from its population in the form of governmental bonds.
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7 0
3 years ago
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7 0
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