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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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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Question Posted: Apr 07, 2021 08:03 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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Given Cost Price Retail price 61 Given ret...View the full answer

Accounting

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