Brief Exercise 6-12 On June 30, Calico Fabrics has the following data pertaining to the retail...
Brief Exercise 6-12 On June 30, Calico Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $38,000; at retail $50,000; net sales $40,000; and ending inventory at retail $10,000.
Compute the estimated cost of the ending inventory using the retail inventory method.
The estimated cost of the ending inventory $______.
Homework Answers
Cost to retail percentage = cost/retail price = 38000/50000 = 0.76
cost of sales = net sales*cost to retail percentage = 40000*0.76 = 30400
ending inventory = cost of goods available for sale - cost of sales = 38000-30400 = 7600
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Brief Exercise 6-12 On June 30, Calico Fabrics has the following
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