Northern Industries had sales of $428,000 in the month of May. Use the retail method to estimate the value of the inventory as of May 31 given the following financial information:
(Round cost ratio to four decimal places)
Northern Industries |
Financial Highlights |
May 1 - May 31 |
|
|
Cost |
Retail |
Beginning Inventory |
|
$434,719 |
$585,100 |
Net Purchases (May) |
|
148,921 |
170,900 |
Total available for sale |
a. $253,216
b. $328,199
c. $456,812
d. $230,435