Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2009, is as follows:
Required:
Use the retail method to estimate the June 30, 2009, inventory.
$\begin{array}{lrr}&\text { Cost } & \text { Retail }\
\text { Beginning inventory } & \$ 45,000 & \$ 82,000 \
\text { Net purchases } & 245,000 & 418,000 \
\text { Net sales } & & 400,000
\end{array}$

Question

Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2009, is as follows:
Required:
Use the retail method to estimate the June 30, 2009, inventory.
 $\begin{array}{lrr}&\text { Cost } & \text { Retail }\
\text { Beginning inventory } & \$ 45,000 & \$ 82,000 \
\text { Net purchases } & 245,000 & 418,000 \
\text { Net sales } & & 400,000
\end{array}$

Quizplus · Accepted Answer

The Answer of Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2009, is as follows:
Required:
Use the retail method to estimate the June 30, 2009, inventory.
 $\begin{array}{lrr}&\text { Cost } & \text { Retail }\
\text { Beginning inventory } & \$ 45,000 & \$ 82,000 \
\text { Net purchases } & 245,000 & 418,000 \
\text { Net sales } & & 400,000
\end{array}$

Andover Stores Uses the Average Cost Retail Method to Estimate