A retailer has the following information:
The estimated cost of inventory to be shown on the retailer's January 31, 2019 balance sheet is
$15,000
$16,000
$20,000
Homework Answers
Total goods available for sale at cost = $15,000 + $12,000 = $27,000
Total goods available for sale at retail = $21,000 + $15,000 = $36,000
Cost to retail ratio = $27,000 / $36,000 = 0.75 or 75%
Ending Inventory at retail = $36,000 - $16,000 = $20,000
Ending Inventory at cost = $20,000 X 0.85 = $15,000
1st option
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