Question
The cost to retail ratio for Macys Inc. is 60%. The inventory at cost on Dec 15, 2019 was $40,000. On December 16, $5,000 of
The cost to retail ratio for Macys Inc. is 60%. The inventory at cost on Dec 15, 2019 was $40,000. On December 16, $5,000 of sales were returned in perfect condition. On December 16:
a. The inventory at Retail would be $45,000
b. The inventory at cost would be $45,000
c. The sales would be $35,000
d. The inventory at cost would be $43,000
e. The inventory at retail would be $19,000
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Accounting What The Numbers Mean
Authors: David Marshall, Wayne William McManus, Daniel Viele
6th Edition
0072834641, 978-0072834642
