Universal Suppliers had sales of $475,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information: Universal SuppliersFinancial HighlightsJune 1–June 30   Cost Retail Beginning Inventory $304,371 $583,900 Net Purchases (June) 109,137 226,900 $

Q: Universal Suppliers had sales of $473,000 in the month of June. Use the retail method to estimate…

A: Given, Sales= $473,000   Cost Retail Beginning Inventory $308,371 $583,900 Net Purchases…

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Q: Use the retail method to estimate the value of the inventory (in $) as of June 30 given the…

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A: Calculations are as follows

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A:

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