Compute the estimated cost of sales

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Reference no: EM132764809

Question - Aileen Supermart's inventory records show the following at December 31, 2004:

Cost Retail

Inventory, January 12,800,000 7,000,000

Sales 50,000,000

Purchases 34,250,000 51,600,000

Freight-in 750,000

Markup 5,000,000

Markup cancellation 600,000

Markdown 2,500,000

Markdown cancellation 500,000

Estimated normal shrinkage is 3% of sales.

Required - Aileen uses the retail inventory method in estimating the value of its inventory. Compute the estimated cost of sales for 2004?

a. 32,100,000

b. 30,000,000

c. 31,200,000

d. 28,300,000

Reference no: EM132764809

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