On the basis of the following data, what is the estimated cost of the merchandise inventory on October 31 by the retail method? Cost Retail Oct. 1 Merchandise Inventory $225,000 $324,500 Oct. 1-31 Purchases (net) Oct. 1-31 Sales (net) a) $372,000 b) $140,000 c) $70,000 d) $100,000 335,000 475,500 700,000

On the basis of the following data, what is the estimated cost of the merchandise inventory on October 31 by the retail method? Cost Retail Oct. 1 Merchandise Inventory $225,000 $324,500 Oct. 1-31 Purchases (net) Oct. 1-31 Sales (net) a) $372,000 b) $140,000 c) $70,000 d) $100,000 335,000 475,500 700,000

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 25E: On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the...

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