A business using the retail method of inventory costing determines that merchandise inventory at retail is $775,000. If the ratio of cost to retail price is 66%, what is the amount of inventory to be reported on the financial statements?
On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method:
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here