In 2016, Dakota Company had net sales (at retail) of $260,000. The following additional information is available

Question:

In 2016, Dakota Company had net sales (at retail) of $260,000. The following additional information is available from its records at the end of 2016. Use the retail inventory method to estimate Dakota's 2016 at cost.
___________________________ At Cost _______________ At Retail
Beginning inventory ............... $ 63,800 ....................... $128,400
Cost of goods purchased ......... 115,060 ........................ 196,800
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 =...