Talkington Rae Company reports goods available for sale at cost, $76,800. Beginning inventory at retail is $40,000 and goods purchased during the period at retail were $80,000. Sales for the period amounted to $85,000.
Instructions
Determine the estimated cost of the ending inventory using the retail inventory method.

Question

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The Answer of Talkington Rae Company reports goods available for sale at cost, $76,800. Beginning inventory at retail is $40,000 and goods purchased during the period at retail were $80,000. Sales for the period amounted to $85,000.
Instructions
Determine the estimated cost of the ending inventory using the retail inventory method.

Talkington Rae Company Reports Goods Available for Sale at Cost