Using the retail method, calculate the value of ending inventory at cost for Morse Co. Round the cost ratio to the nearest hundredth.
$$\begin{array} { | l | l | l | }
\hline & \text { Cost } & \text { Retail } \
\hline \text { Beginning Inventory } & \$ 130,000 & \$ 190,000 \
\hline \text { Purchases during year } & \$ 90,000 & \$ 135,000 \
\hline \text { Sales for year: } \$ 140,000 & & \
\hline
\end{array}$$

Question

Using the retail method, calculate the value of ending inventory at cost for Morse Co. Round the cost ratio to the nearest hundredth.
 $$\begin{array} { | l | l | l | } 
\hline & \text { Cost } & \text { Retail } \
\hline \text { Beginning Inventory } & \$ 130,000 & \$ 190,000 \
\hline \text { Purchases during year } & \$ 90,000 & \$ 135,000 \
\hline \text { Sales for year: } \$ 140,000 & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Using the retail method, calculate the value of ending inventory at cost for Morse Co. Round the cost ratio to the nearest hundredth.
 $$\begin{array} { | l | l | l | } 
\hline & \text { Cost } & \text { Retail } \
\hline \text { Beginning Inventory } & \$ 130,000 & \$ 190,000 \
\hline \text { Purchases during year } & \$ 90,000 & \$ 135,000 \
\hline \text { Sales for year: } \$ 140,000 & & \
\hline
\end{array}$$

Using the Retail Method, Calculate the Value of Ending Inventory