A business using the retail method of inventory costing determines that merchandise inventory at retail is $950,000.

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A business using the retail method of inventory costing determines that merchandise inventory at retail is $950,000. If the ratio of cost to retail price is 66%, what is the amount of inventory to be reported on the financial statements?

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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Question Posted: Aug 27, 2011 10:38 AM

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A business using the retail method of inventory costing determines that merchandise inventory at retail is $950,000.

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