Universal Suppliers had sales of $473,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information Universal Suppliers Financial Highlights June 1-June 30 Cost Retail Beginning Inventory $308,371 $581,900 Net Purchases (June) 137,569 228,900

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Universal Suppliers had sales of $473,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information
Universal Suppliers
Financial Highlights
June 1-June 30
Cost
Retail
Beginning Inventory
$308,371
$581,900
Net Purchases (June)
137,569
228,900
Transcribed Image Text:Universal Suppliers had sales of $473,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information Universal Suppliers Financial Highlights June 1-June 30 Cost Retail Beginning Inventory $308,371 $581,900 Net Purchases (June) 137,569 228,900
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