On the basis of the following data, estimate the cost of the merchandise inventory at June...
On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method:
| Cost | Retail | ||
| June 1 | Merchandise Inventory | $ 170,000 | $ 266,000 |
| June 1-30 | Purchases (net) | 2,357,740 | 3,811,000 |
| June 1-30 | Sales | 3,540,000 |
| 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) | |
| Ratio of cost to retail price | |
| Sales for June |
Estimate the cost of the merchandise inventory at June 30 by the retail method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.
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Estimated Cost of Merchandise Inventory |
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Homework Answers
| Estimated cost of Merchandised Inventory | ||
| Cost | Retail | |
| Merchandise Inventory, Jun. 1 | $170,000.00 | $266,000.00 |
| Ad: Purchases In June (Net) | $2,357,740.00 | $3,811,000.00 |
| Merchandise Available For Sale | $2,527,740.00 | $4,077,000.00 |
| Less: Sales for June | $3,540,000.00 | |
| Merchandise Inventory, June 30, At Retail | $537,000.00 | |
| Merchandise Inventory, June 30, At Estimated cost (537000*62%) | $332,940.00 | |
| Computation of % of cost to Retail price | |
| Merchandise Available for Sale at Cost | $2,527,740.00 |
| Merchandise Available for Sale at Retail | $4,077,000.00 |
|
Ratio Of Cost To Retail Price: (2527740/4077000) |
62.00% |
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