Using the retail method and the following data, estimate the cost of ending inventory.
|
Cost |
Retail |
|
|
Beginning inventory |
$324,000 |
$530,000 |
|
Cost of goods purchased |
195,000 |
335,000 |
|
Net sales |
|
320,000 |
|
Product |
Units |
Unit Recorded Cost |
Unit Market Cost |
|
A |
20 |
$ 6 |
$ 5 |
|
B |
40 |
9 |
8 |
|
C |
10 |
12 |
15 |