Calculate Using Retail Method

question 52

Short Answer

Calculate using retail method:
$$\begin{array} { | l | l | l | } \hline & \text { Cost } & \text { Retail Price } \\\hline \text { Beginning Inventory } & \$ 80,000 & \$ 120,000 \\\hline \text { Purchases during the year } & \$ 42,000 & \$ 57,000 \\\hline \text { Sales for year } & \$ 73,000 & \\\hline \text { (round cost ratio to nearest thousandth) } &\\\hline\end{array}$$

---

Definitions:

Apical Meristem

Growth regions in plants that are found at the tips of roots and shoots, responsible for primary growth and the elongation of shoots and roots.

Lateral Buds

Buds located along the sides of a stem that have the potential to grow into branches or flowers.

Gravity Perception

The ability of an organism to sense the direction of gravity, enabling it to orient itself correctly in its environment, critical for plant root growth and animal movement.

Root Apical Meristem

The region at the tips of roots in plants where cells are continuously dividing, allowing roots to grow and extend into the soil.