A business using the retail method of inventory costing determines that merchandise inventory at retail is $396,400.

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A business using the retail method of inventory costing determines that merchandise inventory at retail is $396,400. If the ratio of cost to retail price is 61%, what is the amount of inventory to be reported on the financial statements?

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Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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Question Posted: Feb 28, 2014 09:06 AM

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A business using the retail method of inventory costing determines that merchandise inventory at retail is $396,400.

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Retail price of inventory 396400 Ratio of cost to retai...View the full answer

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