Ay 1 Fill in the missing amounts from the following chart regarding the estimation of Bean Corporation’s inventory using the retail method. Round ratio of cost to retail price to nearest whole percent. Line Item Description Percent Cost Retail Inventory, October 1 $13,687 $19,553 Purchases for October (net) fill in the blank 1 98,344 Merchandise available for sale $82,528 $fill in the blank 2 Ratio of cost to retail price: fill in the blank 3 % Sales for October fill in the blank 4
Ay 1 Fill in the missing amounts from the following chart regarding the estimation of Bean Corporation’s inventory using the retail method. Round ratio of cost to retail price to nearest whole percent. Line Item Description Percent Cost Retail Inventory, October 1 $13,687 $19,553 Purchases for October (net) fill in the blank 1 98,344 Merchandise available for sale $82,528 $fill in the blank 2 Ratio of cost to retail price: fill in the blank 3 % Sales for October fill in the blank 4
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section20.3: Estimating Inventory
Problem 1OYO
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Ay 1
Fill in the missing amounts from the following chart regarding the estimation of Bean Corporation’s inventory using the retail method. Round ratio of cost to retail price to nearest whole percent. Line Item Description Percent Cost Retail Inventory, October 1 $13,687 $19,553 Purchases for October (net) fill in the blank 1 98,344 Merchandise available for sale $82,528 $fill in the blank 2 Ratio of cost to retail price: fill in the blank 3 % Sales for October fill in the blank 4
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