EX 7-21 Retail inventory method
On the basis of the following data, estimate the cost of the merchandise inventory at November 30 by the retail method:
|
Cost |
Retail |
||
|
November 1 |
Merchandise inventory |
$ 300,000 |
$ 400,000 |
|
November 1–30 |
Purchases (net) |
2,100,000 |
2,800,000 |
|
November 1–30 |
Sales (net) |
2,750,000 |