At the beginning of 2014, 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 2014 were $62,500. What is Joan's estimated ending inventory at FIFO cost using the retail inventory method?

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The Answer of At the beginning of 2014, 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 2014 were $62,500. What is Joan's estimated ending inventory at FIFO cost using the retail inventory method?

At the Beginning of 2014, the Joan Company Had an Inventory