Doc's Discount
November 1 − November 30 $\begin{array}{lll}
&\quad \quad \quad \quad \text { Cost } & \text { Retail } \
\hline \text { Beginning Inventory, November } 1 &\quad \quad \quad \$ 40,000 & \$ 64,000 \
\text { Purchases } &\quad \quad \quad \$ 245,000 & \$ 392,000 \
\text { Net Sales } \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \$380,000
\end{array}$
Using the retail method, estimate the value of the ending inventory at cost on November 30. (Round the cost ratio to the nearest tenth of a percent)

Question

Doc's Discount
November 1 − November 30 $\begin{array}{lll} 
&\quad  \quad  \quad  \quad   \text { Cost } & \text { Retail } \
\hline \text { Beginning Inventory, November } 1 &\quad  \quad  \quad   \$ 40,000 & \$ 64,000 \
\text { Purchases } &\quad  \quad  \quad   \$ 245,000 & \$ 392,000 \
\text { Net Sales } \quad  \quad  \quad  \quad  \quad  \quad  \quad  \quad  \quad  \quad  \quad  \$380,000
\end{array}$
 Using the retail method, estimate the value of the ending inventory at cost on November 30. (Round the cost ratio to the nearest tenth of a percent)

Quizplus · Accepted Answer

The Answer of Doc's Discount
November 1 − November 30 $\begin{array}{lll} 
&\quad  \quad  \quad  \quad   \text { Cost } & \text { Retail } \
\hline \text { Beginning Inventory, November } 1 &\quad  \quad  \quad   \$ 40,000 & \$ 64,000 \
\text { Purchases } &\quad  \quad  \quad   \$ 245,000 & \$ 392,000 \
\text { Net Sales } \quad  \quad  \quad  \quad  \quad  \quad  \quad  \quad  \quad  \quad  \quad  \$380,000
\end{array}$
 Using the retail method, estimate the value of the ending inventory at cost on November 30. (Round the cost ratio to the nearest tenth of a percent)

Doc's Discount November 1 − November 30 Using the Retail Method, Estimate the Value of the Ending

Doc's Discount
November 1 − November 30 Using the Retail Method, Estimate the Value of the Ending