Calculate using retail method:
$$\begin{array} { | l | l | l | }
\hline & \text { Cost } & \text { Retail Price } \
\hline \text { Beginning Inventory } & \$ 75,000 & \$ 115,000 \
\hline \text { Purchases during the year } & \$ 37,000 & \$ 55,000 \
\hline \text { Sales for year } & \$ 71,000 & \
\hline \text { (round cost ratio to nearest thousandth) } &\
\hline
\end{array}$$

Question

Calculate using retail method:
 $$\begin{array} { | l | l | l | } 
\hline & \text { Cost } & \text { Retail Price } \
\hline \text { Beginning Inventory } & \$ 75,000 & \$ 115,000 \
\hline \text { Purchases during the year } & \$ 37,000 & \$ 55,000 \
\hline \text { Sales for year } & \$ 71,000 & \
\hline \text { (round cost ratio to nearest thousandth) } &\
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Calculate using retail method:
 $$\begin{array} { | l | l | l | } 
\hline & \text { Cost } & \text { Retail Price } \
\hline \text { Beginning Inventory } & \$ 75,000 & \$ 115,000 \
\hline \text { Purchases during the year } & \$ 37,000 & \$ 55,000 \
\hline \text { Sales for year } & \$ 71,000 & \
\hline \text { (round cost ratio to nearest thousandth) } &\
\hline
\end{array}$$

Calculate Using Retail Method