On July 31, Melodie's Fabric Store had the following data related to the retail inventory method: goods

Question:

On July 31, Melodie's Fabric Store had the following data related to the retail inventory method: goods available for sale at cost $35,000; at retail $50,000; and net sales of $40,000. Calculate the estimated cost of the ending inventory using the retail inventory method?

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 =...