Question
Northern Industries had sales of $428,000 in the month of May. Use the retail method to estimate the value of the inventory as of May
Northern Industries had sales of $428,000 in the month of May. Use the retail method to estimate the value of the inventory as of May 31 given the following financial information:
(Round cost ratio to four decimal places)
| Northern Industries | |||
| Financial Highlights | |||
| May 1 May 31 | |||
| Cost | Retail | ||
| Beginning Inventory | $434,719 | $585,100 | |
| Net Purchases (May) | 148,921 | 170,900 | |
| Total available for sale |
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Industrial Relations in Canada
Authors: Fiona McQuarrie
4th Edition
978-1-118-8783, 1118878396, 9781119050599 , 978-1118878392
