Jayne's Department Store had net retail sales of $310,000 during the current year.The following additional information was obtained from the accounting records.
$\begin{array}{lrr}
&\text {At Cost}&\text {At Retail}\
\text { Beginning inventory } & \$ 55,000 & \$ 95,000 \
\text { Net purchases for the period } & 169,000 & 290,000 \
\text { Freight-in } & 7,000 &
\end{array}$ Estimate the company's ending inventory at cost using the retail method.(Show your work.)

Question

Jayne's Department Store had net retail sales of $310,000 during the current year.The following additional information was obtained from the accounting records.
 $\begin{array}{lrr}
&\text {At Cost}&\text {At Retail}\
\text { Beginning inventory } & \$ 55,000 & \$ 95,000 \
\text { Net purchases for the period } & 169,000 & 290,000 \
\text { Freight-in } & 7,000 &
\end{array}$ Estimate the company's ending inventory at cost using the retail method.(Show your work.)

Quizplus · Accepted Answer

The Answer of Jayne's Department Store had net retail sales of $310,000 during the current year.The following additional information was obtained from the accounting records.
 $\begin{array}{lrr}
&\text {At Cost}&\text {At Retail}\
\text { Beginning inventory } & \$ 55,000 & \$ 95,000 \
\text { Net purchases for the period } & 169,000 & 290,000 \
\text { Freight-in } & 7,000 &
\end{array}$ Estimate the company's ending inventory at cost using the retail method.(Show your work.)

Jayne's Department Store Had Net Retail Sales of $310,000 During