On June 30, Lyon Fabrics, SA has the following data pertaining to the retail inventory method: goods

Question:

On June 30, Lyon Fabrics, SA has the following data pertaining to the retail inventory method: goods available for sale: at cost €35,000 and at retail €50,000, net sales €42,000, and ending inventory at retail €8,000. Compute the estimated cost of the ending inventory using the retail inventory method.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...