Question: The August 31 inventory at Kitchen Collection was $42,420 at cost and $60,600 at retail. Purchases during the next four months were $53,260 at cost

The August 31 inventory at Kitchen Collection was $42,420 at cost and $60,600 at retail. Purchases during the next four months were $53,260 at cost and $76,100 at retail. After August 31, net sales were $97,700. Use the retail method to estimate the value of the inventory at cost on December 31.

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