Please explain how the answers are calculated. Robotics Corporation uses a periodic inventory system...
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Accounting
Please explain how the answers are calculated.
Robotics Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2024 fiscal year:
Cost
Retail
Beginning inventory
$ 265,000
$ 490,000
Net purchases
666,000
1,225,000
Freight-in
26,000
Net markups
25,000
Net markdowns
6,000
Normal spoilage
3,000
Sales
1,390,000
The company records sales to employees net of discounts. These discounts totaled $24,000 for the year.
Estimate ending inventory and cost of goods sold using the conventional method.
Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)
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