Use the retail inventory method to estimate Wichita”s 2011 ending inventory at cost.

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

"Is this question part of your assignment? We can help"

ORDER NOW