Question
The College Book Store had sales of $281,300 in the month of October. Use the retail method to estimate the value of the inventory as
The College Book Store had sales of $281,300 in the month of October. Use the retail method to estimate the value of the inventory as of October 31 given the following financial information. (Round cost ratio to four decimal places.)
| October 1 to October 31 | COST | RETAIL |
|---|---|---|
| Beginning Inventory | $221,708 | $337,800 |
| Net Purchases (October) | 183,771 | 271,100 |
| Goods Available for Sale | $405,479 |
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Horngrens Financial And Managerial Accounting The Financial Chapters
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
6th Edition
978-0134486840, 134486838, 134486854, 134486846, 9780134486833, 978-0134486857
