Asked on 24 Feb 2020

Garrison Company uses the retail method of inventory costing. It started the year with an inventory that had a retail cost of $43,398.00. During the year they purchased an inventory with a retail cost of $621,192.00. After performing a physical inventory, they calculated their inventory cost at retail to be $64,405.00. The mark up is 100% of cost. Determine the ending inventory at its estimated cost.

Answered on 24 Feb 2020

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