Miles Companys November 1 inventory had a cost of $59,800 and a retail value of $72,600. During

Question:

Miles Company’s November 1 inventory had a cost of $59,800 and a retail value of $72,600. During November, net purchases cost $256,000 with a retail value of $405,200. Net sales at retail for Miles Company during November were $228,600. Calculate the ending inventory at cost using the retail inventory method. (Round the cost ratio to the nearest hundredth percent.)

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...

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