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 $24,590 $40,980 May 1-31 Purchases 36,400 71,390 May 1-31 Sales 90,100 Do not round intermediate calculations. Round your final answer to the nearest whole dollar. a.$29,110 b.$11,540 c.$23,627 d.$12,087
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 $24,590 $40,980 May 1-31 Purchases 36,400 71,390 May 1-31 Sales 90,100 Do not round intermediate calculations. Round your final answer to the nearest whole dollar. a.$29,110 b.$11,540 c.$23,627 d.$12,087
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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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 $24,590 $40,980 May 1-31 Purchases 36,400 71,390 May 1-31 Sales 90,100 Do not round intermediate calculations. Round your final answer to the nearest whole dollar.
a.$29,110b.$11,540c.$23,627d.$12,087
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