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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, Accounting

Category:- Accounting Basics
Reference No.:- M92806972

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