Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 - |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Communication Audit In Globally Integrated R And D Project Teams
Authors: Justyna Alnajjar
1st Edition
3631666608, 978-3631666609
