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Home Improvement Stores, Inc., uses a periodic inventory system and the retail inventory method to...

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Accounting

Home Improvement Stores, Inc., uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available from the company's records for the month of July: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $117,450 $117,950 $118,500 $118,850 99,000 292,500 Retail 150,000 470,000 10,000 30,000 420,000 What is the estimated ending inventory in July if the company applies the LIFO retail inventory method?
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Home Improvement Stores, Inc., uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available from the company's records for the month of July: What is the estimated ending inventory in July if the company applies the LIFO retail inventory method? $117,450 $117,950 $118,500 $118,850

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