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A company uses the average cost retail method to estimate inventories. Data for the first six months of 2024 include: beginning inventory at cost and retail were $64,500 and $123,000, net purchases at cost and retail were $315,000 and $483,000, and sales during the first six months totaled $493,000. The estimated Inventory at June 30, 2024, would be: Note: Round cost-to-retall ratio to the nearest whole percentage. Multiple Choice O $71,190. $74,490. $57,990. O $66,240.

A company uses the average cost retail method to estimate inventories. Data for the first six months of 2024 include: beginning inventory at cost and retail were $64,500 and $123,000, net purchases at cost and retail were $315,000 and $483,000, and sales during the first six months totaled $493,000. The estimated Inventory at June 30, 2024, would be: Note: Round cost-to-retall ratio to the nearest whole percentage. Multiple Choice O $71,190. $74,490. $57,990. O $66,240.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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intermediate accounting

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A company uses the average cost retall method to estimate Inventories. Data for the first six months of 2024 include: beginning inventory at cost and retail were $64,500 and $123,000, net purchases at cost and retail were $315,000 and $483,000, and sales during the first six months totaled $493,000. The estimated Inventory at June 30, 2024, would be: Note: Round cost-to-retall ratlo to the nearest whole percentage. Multiple Choice $71,190. O $74,490. $57,990. $66,240.
Transcribed Image Text:A company uses the average cost retall method to estimate Inventories. Data for the first six months of 2024 include: beginning inventory at cost and retail were $64,500 and $123,000, net purchases at cost and retail were $315,000 and $483,000, and sales during the first six months totaled $493,000. The estimated Inventory at June 30, 2024, would be: Note: Round cost-to-retall ratlo to the nearest whole percentage. Multiple Choice $71,190. O $74,490. $57,990. $66,240.
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