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The second is not meant to have amounts. Those are just the amount descriptions and im supposed to use then when I do the entries
The second is not meant to have amounts. Those are just the amount descriptions and im supposed to use then when I do the entries in the Estimated Cost of Merchandise Inventory chart.
Retail method Instructions Amount Descriptions Estimated Cost of Merchandise Inventory Instructions On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method: Cost Retail June 1 Merchandise Inventory $ 165,000 $ 275,000 June 1-30 Purchases (net) 2,361,500 3,800,000 3,550,000 June 1-30 Sales Amount Descriptions Estimated cost of merchandise sold Less estimated gross profit Merchandise available for sale Merchandise inventory, June 1 Merchandise inventory, June 30, at estimated cost Merchandise inventory, June 30, at retail Purchases in June (net) Ratio of cost to retail price Sales for June Estimate the cost of the merchandise inventory at June 30 by the retail method. Refer to the Amount Descrptions Ast provided for the exact warding of the answer choices for text entries. Estimated Cost of Merchandise Inventory June 30 Step by Step Solution
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