Shannon's Department Store Prepares Monthly Financial Statements but Only Takes

question 52

Essay

Shannon's Department Store prepares monthly financial statements but only takes a physical count of merchandise inventory at the end of the year. The following information has been developed for the month of July: $$\begin{array} { l r r } & \text { At Cost } & \text { At Retail } \\\text { Beginning inventory } & \$ 36,000 & \$ 50,000 \\\text { Merchandise purchases }& 99,000 & 150,000\end{array}$$ The net sales for July amounted to $150000.
Instructions
Use the retail inventory method to estimate the ending inventory at cost for July. Show all computations to support your answer.

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Definitions:

Cooperation

The action of working together towards common goals or interests, often involving sharing information, resources, or efforts.

Labor Unions

Organizations formed by workers to protect their rights, negotiate wages and benefits, and advocate for better working conditions.

Multinational Corporate Activity

Operations and investments made by companies that operate in multiple countries around the globe, often influencing economic and social policies.

ILO

The International Labour Organization, a UN agency that sets international labor standards and promotes rights at work, including encouraging decent employment opportunities and enhancing social protection.