A business using the retail method of inventory costing determines that merchandise inventory at retail is $825,750.

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A business using the retail method of inventory costing determines that merchandise inventory at retail is $825,750. If the ratio of cost to retail price is 60%, what is the amount of inventory to be reported on the financial statements?

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Accounting

ISBN: 978-0324188004

21st Edition

Authors: Carl s. warren, James m. reeve, Philip e. fess

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Question Posted: Nov 07, 2012 02:49 AM

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A business using the retail method of inventory costing determines that merchandise inventory at retail is $825,750.

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Given data Merchandise inventory at retail 825750 Ratio of ...View the full answer

Accounting

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