Question
The College Book Store had sales of $285,300 in the month of October. Use the retail method to estimate the value of the inventory as
The College Book Store had sales of $285,300 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 | $331,800 |
| Net Purchases (October) | 183,771 | 271,100 |
| Goods Available for Sale | $405,479 |
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Fraud examination
Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma
4th edition
538470844, 978-0538470841
