Question
On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method? Cost Retail May
On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method?
| Cost | Retail | ||
| May 01 | Inventory | $24,790 | $41,320 |
| May 01-31 | Purchases (net) | $39,100 | $71,000 |
| May 01-31 | Sales (net) | $92,570 |
Do not round intermediate calculations. Round your final answer to the nearest whole dollar.
Select the correct answer.
$28,680
$13,910
$25,144
$11,234
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Managerial Accounting Tools For Business Decision Making
Authors: Weygandt, Kimmel, Kieso
4th Edition
0470478535, 978-0470478530
