In 2011, Wichita Company had net sales (at retail) of $130,000. The following additional information is available from its records at the end of 2011. Use the retail inventory method to estimate Wichita’s 2011 ending inventory at cost.
|
|
AT Cost |
At Retail |
|
Beginning inventory |
$ 31,900 |
$64,200 |
|
Cost of goods purchased |
57,810 |
98,400 |