ch 16

5. Using the retail method, estimate the value of the ending inventory at cost on September 30 from the following information for Scandinavian Furniture Designs, Inc. Round the cost ratio to the nearest tenth of a percent. Round the final answer to the nearest cent.

Scandinavian Furniture Designs, Inc.

September 1-September 30

Cost Retail

Beginning Inventory, Sept. 1 $211,000 $490,000

Purchases (September) 95,000227,000

Net Sales (September) $456,000

Ending inventory at cost: $