"Dean Company uses the retail inventory method to estimate its inventory for interim statement purposes: Data relating to the computation of the inventory at July 31,,20X7 , are as follows: Cost Retall Inventory, 1/1[X7 P 180,Q0Q P 250,000 Purchases 1,020,000 1,575,000 Markups, net 175,000 Sales 1,705,000 Estimated normal shoplifting losses 20,000 Markdown, net 125,000 Under the average cost retail method, Dean's estimated inventory at July 31, 20X7 is P90,000 P96,000 P102,000 P150,000"
