A company uses the retail inventory method and has the following information available concerning its most recent accounting period:?At CostAt RetailBeginning-of-period inventory$148,600$245,200Net purchases677,4001,229,800Sales?1,200,0001. What is the cost-to-retail ratio using the retail method?2. What is the estimated cost of the ending inventory?
What will be an ideal response?
| Cost-to-retail ratio: | ? | ? |
| Beginning inventory | $148,600 | $245,200 |
| Net purchases | 677,400 | 1,229,800 |
| Cost of goods available for sale | $826,000 | $1,475,000 |
| Cost to-retail ratio is 56%. | ? | ? |
| Estimated cost of the ending inventory: | ? | ? |
| Sales | ? | $1,200,000 |
| Ending inventory at retail | ? | $275,000 |
| Estimated cost of ending inventory (56% * $275,000) | $154,000 | ? |
Business
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