Question: Hobbs Company s March 1 inventory had a cost of 58 600
Hobbs Company’s March 1 inventory had a cost of $58,600 and a retail value of $74,800. During March, net purchases cost $253,400 with a retail value of $405,200. Net sales at retail for Hobbs Company during March were $228,200. Calculate the ending inventory at cost using the retail inventory method. (Round the cost ratio to the nearest hundredth percent.)
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