Retail Method On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method: Cost June 1 June 1-30 June 1-30 Merchandise inventory Purchases (net) Sales (net) Cost of the Merchandise Inventory June 30 $165,000 2,361,500 Merchandise inventory, June 1 Purchases in June (net) Merchandise available for sale Ratio of cost to retail price: Sales for June (net) Merchandise inventory, June 30, at retail price Merchandise inventory, June 30, at estimated cost % Cost $ $ Retail $ $ Retail $275,000 3,800,000 3,550,000 $ $

Retail Method On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method: Cost June 1 June 1-30 June 1-30 Merchandise inventory Purchases (net) Sales (net) Cost of the Merchandise Inventory June 30 $165,000 2,361,500 Merchandise inventory, June 1 Purchases in June (net) Merchandise available for sale Ratio of cost to retail price: Sales for June (net) Merchandise inventory, June 30, at retail price Merchandise inventory, June 30, at estimated cost % Cost $ $ Retail $ $ Retail $275,000 3,800,000 3,550,000 $ $

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Description: Please do not give solution in image format thanku Retail MethodOn the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method:CostJune 1June 1-30June 1-30Merchandise inventoryPurchases (net)Sales (

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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