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Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2013.
Inventory, October 1, 2013At cost................................ $ 52000At retail............................... 78000PurchasesAt cost................................ 272000At retail............................... 423000Freight in............................. 16600Purchase ReturnsAt cost................................ 5600At retail.............................. 8000Markups............................... 9000MArkup Cancellation................ 2000Markdowns........................... 3600Normal Spoilage and breakage... 10000Sales................................... 390000
(A) Using the conventional retail method, prepare a schedule computing estimated lower of cost or market inventory for October 31, 2013.
(B) A department store using the conventional retail inventory method estimates the cost of its ending inventory as $60000. An accurate physical count reveals only $47000 of inventory at lower of cost or market. List the factors that may have caused the difference between the computed inventory and the physical count.
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