Hawkeye Auto Parts uses the average cost retail method to estimate inventories.Data for the first six months of 2016 include: beginning inventory at cost and retail were $55,000 and $100,000,net purchases at cost and retail were $785,000 and $1,300,000,and sales during the first six months totaled $800,000.The estimated inventory at June 30,2016,would be:
A)$330,000.
B)$360,000.
C)$362,300.
D)None of these answer choices are correct.

Question

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The Answer of Hawkeye Auto Parts uses the average cost retail method to estimate inventories.Data for the first six months of 2016 include: beginning inventory at cost and retail were $55,000 and $100,000,net purchases at cost and retail were $785,000 and $1,300,000,and sales during the first six months totaled $800,000.The estimated inventory at June 30,2016,would be:
A)$330,000.
B)$360,000.
C)$362,300.
D)None of these answer choices are correct.

Hawkeye Auto Parts Uses the Average Cost Retail Method to Estimate