Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data: 11eb742a_6b94_9556_a720_117bf498ef5a_SM1621_00 a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. b. Was the cost of Phillips's inventory, as a percentage of retail selling prices, higher or lower in July than it was in June? Explain.

Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

النسخة 17الرقم المعياري الدولي: 978-0078025778

Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

النسخة 17الرقم المعياري الدولي: 978-0078025778

تمرين 12

Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data:

a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation.
b. Was the cost of Phillips's inventory, as a percentage of retail selling prices, higher or lower in July than it was in June? Explain.

التوضيح

موثّق

(a) Computing the Cost of goods sold at ...