EXERCISE $8\mathrm{.}10$

Estimating Inventory by the Retail Method

Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data.

$\backslash$table$[[,\backslash$table$[[$Cost$],[$Price$]],\backslash$table$[[$Retail$],[$Selling$],[$Price$]]],[$Inventory of merchandise, June $30,$$$300,000,$$$500,000$