Doc's Discount
November 1 − November 30 Using the Retail Method, Estimate the Value of the Ending

question 7

Short Answer

Doc's Discount
November 1 − November 30 $\begin{array}{lll} &\quad \quad \quad \quad \text { Cost } & \text { Retail } \\\hline \text { Beginning Inventory, November } 1 &\quad \quad \quad \$ 40,000 & \$ 64,000 \\\text { Purchases } &\quad \quad \quad \$ 245,000 & \$ 392,000 \\\text { Net Sales } \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \$380,000\end{array}$
Using the retail method, estimate the value of the ending inventory at cost on November 30. (Round the cost ratio to the nearest tenth of a percent)

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Definitions:

Tangible Medium

A physical form through which information can be expressed, such as paper documents, CDs, USB drives, or other media that can be touched and held.

America Invents Act

A significant reform to the United States patent system that shifted it from a "first to invent" to a "first to file" system.

Common Law

Law that is derived from judicial decisions instead of statutes or constitutions, evolving with society's standards.

Patentable

Referring to an invention or idea that meets the criteria for patent protection, typically being new, non-obvious, and useful.