on the basis of the following data estimate the cost of the merchandise inventory at 549624
EX 7-21 Retail inventory method
On the basis of the following data, estimate the cost of the merchandise inventory at November 30 by the retail method:
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on the basis of the following data estimate the cost of the merchandise inventory at 549624
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|
Cost |
Retail |
||
|
November 1 |
Merchandise inventory |
$ 300,000 |
$ 400,000 |
|
November 1–30 |
Purchases (net) |
2,100,000 |
2,800,000 |
|
November 1–30 |
Sales (net) |
2,750,000 |
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