FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method?
Cost |
Retail |
||
May 1 | Inventory |
$125,000 |
$166,667 |
May 1-31 | Purchases |
235,000 |
313,333 |
May 1-31 | Sales |
230,000 |
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