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enow.com/ilm/takeAssignment/takeAssignmentMain.dožinvoker-assignments&takeAssignmentsessionLocator-assignment-takesinprogress; eBook Calculator Retail Inventory Method The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending on March 31, 20-- Cost Retail $30,800 $53,000 169,792 265,400 264,600 Inventory, start of period, January 1, 20-- Net purchases during the period Net sales for the period Required: 1. Estimate the ending inventory as of March 31 using the retail inventory methed. 2. Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventory method.

Explanation / Answer

Table :

1) Ending inventory = 53800*.63 = 33894

2) Cost of goods sold = 264600*.63 = 166698

Cost Retail Inventory, start of period, January 1 30800 53000 Net purchases during period 169792 265400 Total 200592 318400 Net sales 264600 Ending inventory under retail 53800 Cost to retail ratio (200592/318400) = 63%

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