Mosher Company uses the retail method to estimate the cost of ending inventory for its monthly interim

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Mosher Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Mosher’s ending inventory at cost for the end of January. (Round the cost ratio to the nearest tenth percent.)

January 1 inventory at cost

$16,300

January 1 inventory at retail

32,400

Net purchases at cost

111,100

Net purchases at retail

195,100

Net sales at retail

186,000

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 =...
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College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

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