Reference no: EM132696417
Caress Company uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 1, 2020, are as follows:
Cost Retail .
Inventory, February 1, 2020 P 180,000 P 250,000
Purchases 1,020,000 1,575,000
Markups, net - 175,000
Sales - 1,705,000
Estimated normal shoplifting losses - 20,000
Markdowns, net - 125,000
Problem 1: Under the approximate average cost retail method, Caress' estimated inventory at July 31, 2020 is
a. P96,000
b. P102,000
c. P90,000
d. P150,000
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