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Retail Method On the basis of the following data, estimate the cost of the inventory at June 30 by the retail method: Cost Retail June
Retail Method
On the basis of the following data, estimate the cost of the inventory at June 30 by the retail method:
Cost | Retail | |||
June 1 | Inventory | $165,000 | $275,000 | |
June 130 | Purchases (net) | 2,361,500 | 3,800,000 | |
June 130 | Sales | 3,550,000 |
Cost | Retail | ||
Inventory, June 1Inventory, June 30, at estimated cost inventory, June 30, at retail priced merchandise available for sale sales for June | $- Select - | $- Select - | |
Inventory, June 30, at estimated cost inventory, June 30, at retail priced merchandise available for sale purchases in June (net)Sales for June | - Select - | - Select - | |
Inventory, June 1Inventory, June 30, at estimated cost inventory, June 30, at retail priced merchandise available for sale sales for June | $- Select - | $- Select - | |
Ratio of cost to retail price: | fill in the blank 10% | ||
Inventory, June 1Inventory, June 30, at retail price Merchandise available for sale Purchases in June (net)Sales for June | - Select - | ||
Inventory, June 1Inventory, June 30, at retail price Merchandise available for sale purchases in June (net)Sales for June | $- Select - | ||
Inventory, June 1Inventory, June 30, at estimated cost Merchandise available for sale Purchases in June (net)Sales for June | $- Select - |
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