Fashion house uses the retail method to estimate ending, Ask an Expert

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Fashion House uses the retail method to estimate ending inventory in its monthly financial statements. The following information is available for the month ended July 31.
Sales 200,000.00
Inventory, July 1 171,000.00 300,000.00
Net purchases 90,000.00 150,000.00
Good available for sale 261,000.00 450,000.00

Estimate the cost of goods sold for July $?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M988722

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