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)