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May's Dress Shop's inventory at cost on January 1 was $37,500. Its retail value was $57,500. During the year, May purchased additional merchandise at
May's Dress Shop's inventory at cost on January 1 was $37,500. Its retail value was $57,500. During the year, May purchased additional merchandise at a cost of $194,700 with a retail value of $394,700. The net sales at retail for the year were $346,500. Calculate May's inventory at cost by the retail method. (Round the "cost ratio" to the nearest whole percent.) Beginning inventory Purchases Cost Retail $ 37,500 $ 57,500 194,700 394,700 Cost of goods available for sale. $ S Less net sales for year Ending inventory at retail 346,500 $ Cost ratio Ending inventory at cost $
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