On June 30, Calico Fabrics has the following data pertaining to the retail inventory method Goods available for sale at cost $38,000 at retail $50,000 net sales $40,000 and ending inventory at retail $10,000 Compute the estimated cost of the ending inventory using the retail inventory method

Question: On June 30, Calico Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $38,000; at retail $50,000;

On June 30, Calico Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $38,000; at retail $50,000; net sales $40,000; and at retail $10,000. Compute the estimated cost of the using the retail inventory method.

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