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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Management And Cost Accounting
Authors: Alnoor Bhimani, Srikant M. Datar, Charles T. Horngren, Madhav V. Rajan
7th Edition
1292232668, 978-1292232669
