Question: Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Cost Retail Jaffe

Retail Method; Gross Profit Method

Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows:

Cost Retail
Jaffe Co.
Merchandise inventory, February 1 $400,000 $615,000
Transactions during February:
Purchases (net) 4,055,000 5,325,000
Sales 5,100,000
Coronado Co.
Merchandise inventory, May 1 $400,000
Transactions during May through October:
Purchases (net) 3,150,000
Sales 4,750,000
Estimatedgrossprofitrate 35%

Required:

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