The value of the ending inventory at cost on January 31 and round the cost ratio to the nearest tenth of a percent from the following information for Hot Shot Welding Supply, Inc., using the retail method. H o t S h o t W e l d i n g S u p p l y , I n c . J a n u a r y 1 - J a n u a r y 3 1 C o s t R e t a i l Beginning Inventory $ 50 , 000 $ 120 , 000 Net Purchases ( January 1 ) 90 , 000 216 , 000 Net Sales $188,000

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Chapter 16.II, Problem 7RE

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To calculate: The value of the ending inventory at cost on January 31 and round the cost ratio to the nearest tenth of a percent from the following information for Hot Shot Welding Supply, Inc., using the retail method.

Hot Shot Welding Supply, Inc.January 1-January 31CostRetailBeginning Inventory$50,000$120,000Net Purchases(January 1)90,000216,000Net Sales $188,000

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