Question: A company uses the average cost retail method to estimate inventories. Data for the first six months of 2024 include: beginning inventory at cost and

A company uses the average cost retail method to estimate inventories.

A company uses the average cost retail method to estimate inventories. Data for the first six months of 2024 include: beginning inventory at cost and retail were $72,000 and $117,000, net purchases at cost and retail were $802,000 and $1,317,000, and sales during the first six months totaled $817,000. The estimated inventory at June 30, 2024, would be: Note: Round cost-to-retail ratio to the nearest whole percentage. Multiple Choice $378,670. $376,370. None of the other answer choices are correct. $346,370

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