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On the basis of the following data, what is the estimated cost of the merchandise inventory on May 31 using the retail method? Cost Retail
On the basis of the following data, what is the estimated cost of the merchandise inventory on May 31 using the retail method?
| Cost | Retail | ||
| May 1 | Merchandise Inventory | $29,434 | $49,056 |
| May 1-31 | Purchases | 42,982 | 67,744 |
| May 1-31 | Sales | 101,600 |
a. $15,200
b. $9,424
c. $9,120
d. $29,184
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Cost Management Accounting And Control
Authors: Don R. Hansen, Maryanne M. Mowen
4th Edition
0324069731, 978-0324069730
