May's Dress Shop's inventory at cost on January 1 was $41,500. Its retail value was $61,500. During
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Question:
May's Dress Shop's inventory at cost on January 1 was $41,500. Its retail value was $61,500. During the year, May purchased additional merchandise at a cost of $195,500 with a retail value of $395,500.
The net sales at retail for the year were $350,500.
Calculate May's inventory at cost by the retail method (Round the cost ratio" to the nearest whole percent.)
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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