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help!!!!!!!!! 5 May's Dress Shop's Inventory at cost on January 1 was $40,000. Its retail value was $60,000. During the year, May purchased additional merchandise
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5 May's Dress Shop's Inventory at cost on January 1 was $40,000. Its retail value was $60,000. During the year, May purchased additional merchandise at a cost of $195,200 with a retail value of $395,200. The net sales at retail for the year were $349,000 Calculate May's inventory at cost by the retail method. (Round the "cost ratio" to the nearest whole percent.) Cost Retail 1:51:24 Beginning inventory Purchases Cost of goods available for sale Less net sales for year Ending inventory at retail Cost ratio Ending Inventory at cost % Step by Step Solution
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