Question 1 using the retail method and the following data, Ask an Expert

Accounting

Question: 1. Using the retail method and the following data, estimate the cost of ending inventory.

Cost Retail

Beginning inventory . . . . . . . . . . . . . . . $324,000 $530,000

Cost of goods purchased . . . . . . . . . . 195,000 335,000

Net sales . . . . . . . . . . . . . . . . . . . . . . . 320,000

2. What does the full-disclosure principle prescribe if a company changes from one acceptable accounting method to another?

3. Can a company change its inventory method each accounting period? Explain.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92341946

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