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Retail Method On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method: NOTE: When
Retail Method On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method: NOTE: When computing the cost to retail percentage, round to the nearest whole percentage if required. Cost Retail June 1 Merchandise inventory $69,144 $103,200 June 1-30 Purchases (net) 507,056 756,800 June 1-30 Sales (net) 740,000 Cost of the Merchandise Inventory June 30 Cost Retail Ratio of cost to retail price: % QUQ 000
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