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On the basis of the following data,determine the estimated cost of the inventory as of March 31 by the retail method,presenting details of the computation in good order.
Accounts Receivable
Money owed to a business by its clients or customers for goods or services that have been delivered or used but not yet paid for.
Net Sales
The total revenue a company generates from sales after subtracting returns, allowances, and discounts.
Increase in Accounts Receivable
A situation where the amount of money owed by customers to a company grows due to sales on credit outpacing payments received.
Credit Sales
Sales made by a business where the payment is to be received at a later date, extending credit to customers.
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