Apply the Retail Method to the Following Company Information to Calculate

question 121

Essay

Apply the retail method to the following company information to calculate the cost of the ending inventory for the current period:
$\begin{array}{|l|r|r|}\hline &{\text { Cost }} &{\text { Retail }} \\\hline \text { Beginning inventory } & \$ 20,224 & \$ 31,600 \\\hline \text { Net purchases } & 59,508 & 97,000 \\\hline \text { Sales } & & 89,000 \\\hline\end{array}$

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Definitions:

Camera

A device used to capture images or videos, consisting of a lens and a body that records visual information on a medium or sensor.

Trespass to Chattels

A legal term referring to the intentional interference with someone else's personal property without permission.

Detinue

A legal action to recover possession of personal property wrongfully taken or retained.

Trespass to Land

The act of unlawfully entering, crossing, or remaining on someone's property without permission.