Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows:

 

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Cost Retail Celebrity Tan Co. Inventory, August 1 S 250.000 $ 575,000 Transactions during August Purchases (net) 2,254,800 3,465,000 Sales 3.280.000 Ranchworks Co. Inventory, March 1 S870,000 Transactions during March through November: Purchases (net) 9,430,000 Sales 15,000,000 Estimated gross profit rate 40% Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method.* Enter all ratios as percents, rounded to one decimal place. 2. a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method.* Cost Retail Celebrity Tan Co. Inventory, August 1 S 250.000 $ 575,000 Transactions during August Purchases (net) 2,254,800 3,465,000 Sales 3.280.000 Ranchworks Co. Inventory, March 1 S870,000 Transactions during March through November: Purchases (net) 9,430,000 Sales 15,000,000 Estimated gross profit rate 40% Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method.* Enter all ratios as percents, rounded to one decimal place. 2. a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method.*

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Answer Cost Retail Beginning inventory 300000 57500... View the full answer