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CSecure https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker assignments eBook Calculator nstructions Amount Descriptions Estimated Cost of Merchandise Inventory On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method CostRetail June 1 Merchandise Inventory $ 165,000 $ 262,000 June 1-30 Purchases (net)2,369,560 3,826,000 3,575,000 June 1-30 Sales Estimate the cost of the merchandise inventory at June 30 by the retail method. Reter to the Amount Descriptions list provided tor he exacr wording Estmated Cost of Merchandse Inventory Score: 57/71 June 30 Cost Retail Check My Work 5 6 8

Explanation / Answer

Solution:

Estimated cost of Merchandise Inventory 30-Jun Cost Retail Merchandise Invemtory June 1 $165,000.00 $262,000.00 Purchases in june (net) $2,369,560.00 $3,826,000.00 Merchandise Available for Sale $2,534,560.00 $4,088,000.00 Ratio of cost to retail price 62% Sales for June $3,575,000.00 Merchandise Inventory, June 30 at retail $513,000.00 Cost Of merchanse inventory, june 30 ($513000*62%) $318,060.00

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