From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent under the retail method. Note: Round the "cost ratio" to the nearest hundredth percent. Round the "cost of ending inventory" to the nearest cent. Net sales at retail for year. Beginning inventory-cost Beginning inventory-retail Purchases-cost Purchases-retail Beginning inventory Net purchases Cost of goods available for sale Less net sales at retail Ending inventory at retail Cost ratio Ending inventory at cost $ 43,500 $ 30,500 $ 52,500 $ 14,700 $ 19,700 Cost Retail %

From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent under the retail method. Note: Round the "cost ratio" to the nearest hundredth percent. Round the "cost of ending inventory" to the nearest cent. Net sales at retail for year. Beginning inventory-cost Beginning inventory-retail Purchases-cost Purchases-retail Beginning inventory Net purchases Cost of goods available for sale Less net sales at retail Ending inventory at retail Cost ratio Ending inventory at cost $ 43,500 $ 30,500 $ 52,500 $ 14,700 $ 19,700 Cost Retail %

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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