Question
Using the retail method, estimate the value of the ending inventory at cost on September 30 from the following information for Scandinavian Furniture Designs, Inc.
Using the retail method, estimate the value of the ending inventory at cost on September 30 from the following information for Scandinavian Furniture Designs, Inc. Round the cost ratio to the nearest tenth of a percent. Round the final answer to the nearest cent.
Scandinavian Furniture Designs, Inc.
September 1-September 30
Cost Retail
Beginning Inventory, Sept. 1 $197,000 $367,000
Purchases (September) 72,000 211,000
Net Sales (September) $404,000
Ending inventory at cost:$
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Contemporary Financial Management
Authors: James R Mcguigan, R Charles Moyer, William J Kretlow
10th Edition
978-0324289114, 0324289111
