The College Book Store had sales of $281,300 in the month of October. Use the retail method
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Question:
The College Book Store had sales of $281,300 in the month of October. Use the retail method to estimate the value of the inventory as of October 31 given the following financial information. (Round cost ratio to four decimal places.)
| October 1 to October 31 | COST | RETAIL |
|---|---|---|
| Beginning Inventory | $221,708 | $337,800 |
| Net Purchases (October) | 183,771 | 271,100 |
| Goods Available for Sale | $405,479 |
Expert Answer:
To estimate the value of the inventory as of October 31 using the retail method we need to calculate ... View the full answer
Related Book For 
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
