The April 1 inventory of Inotech Inc. had a cost of $35,505 and had a retail value of $79,000. During April, merchandise was purchased for $125,000 and marked to sell for $262,500. April sales totaled $201,000.

Required:
Calculate the following items using the retail method of inventory estimation.

Question

The April 1 inventory of Inotech Inc. had a cost of $35,505 and had a retail value of $79,000. During April, merchandise was purchased for $125,000 and marked to sell for $262,500. April sales totaled $201,000.
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Required:
Calculate the following items using the retail method of inventory estimation.

Quizplus · Accepted Answer

The Answer of The April 1 inventory of Inotech Inc. had a cost of $35,505 and had a retail value of $79,000. During April, merchandise was purchased for $125,000 and marked to sell for $262,500. April sales totaled $201,000.
​
Required:
Calculate the following items using the retail method of inventory estimation.

The April 1 Inventory of Inotech Inc