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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 1 | Inventory | $125,000 | $166,667 |
| May 1-31 | Purchases | 235,000 | 313,333 |
| May 1-31 | Sales | 230,000 |
$187,500
$172,500
$250,000
$360,000
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Food And Beverage Cost Control
Authors: Lea R. Dopson, David K. Hayes
6th Edition
1118988493, 978-1118988497
