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CengageNOWv2 | Online teact x Co Secure https://v2.cengagenow.com/lirn/takeAssignment/takeAssignmentMain.do?invoker-assignments& HW 6 eBook Calculator On the basis of the folowing data, estimate the cost of the merchandise inventory at June 30 by the retail method Cost Retail June 1 Merchandise Inventory $ 165,000 $ 262,000 June 1-30 Purchases (net) 2.369,580 3,826,000 June 1-30 Sales 3,575,000 Amount Descriptions Estimated cost of merchandise sold Less estimated gross profit Merchandise available for sale Merchandise inventory, June 1 Merchandise inventory, June 30, at estimated cost Merchandise inventory, June 30, at retail Purchases in June (net) Rato of cost to retail price Sales tor June Check My Work Save and Exit Assignment Score: 10%

Explanation / Answer

Ratio of cost to retail price = Merchandise available for sale at cost / Merchandise available for sale at retail

= 2534560 / 4088000 = 0.62

Particulars Cost Retail Merchandise Inventory, June 1 165000 262000 Purchases in June (Net) 2369560 3826000 Merchandise available for sale 2534560 4088000

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