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What is Joan estimated ending inventory at FIFO cost

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Question - At the beginning of 2020, the Joan Company had an inventory valued at $34,375 at cost ($50,000 at retail). During the year, Joan purchased inventory for $50,000 ($70,000 at retail), and made markdowns of $7,500, Joan's sales in 2020 were $65,625. What is Joan's estimated ending inventory at FIFO cost using the retail inventory method?

Reference no: EM133162388

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