A Company Uses the Retail Inventory Method and Has the Following

question 89

Essay

A company uses the retail inventory method and has the following information available concerning its most recent accounting period:
$$\begin{array} { | l | l | l | } \hline & \text { At Cost } & \text { At Retail } \\\hline \text { Beginning-of-period inventory } \$ 148,600 & \$ 245,200 \\\hline \text { Net purchases } & 677,400 & 1,229,800 \\\hline \text { Sales } & & 1,200,000 \\\hline\end{array}$$ 1.What is the cost-to-retail ratio using the retail method?
2.What is the estimated cost of the ending inventory?

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Definitions:

Disordered Thinking

Refers to patterns of thought that are highly irregular and could signify underlying mental health conditions, making it hard for the individual to process information logically.

Hallucinations

Perceptions in a conscious and awake state in the absence of external stimuli which have qualities of real perception, making them indistinguishable from reality.

Drug Overdose

The ingestion or application of a drug or other substance in quantities greater than are recommended or generally practiced, leading to a serious or critical health condition.

Firearms

Weapons that launch one or more projectile(s) at high velocity through the confined burning of a propellant.