Chapter 16.II, Problem 3RE

To determine

To calculate: The value of the ending inventory at cost on November 31 from the following information Imperial Imports, with the help of retail method.

$\begin{array}{lll}\hfill & \begin{array}{l}ImperialImports\\ FinancialHighlights\\ November1-November30\end{array}\hfill & \hfill \\ \hfill & Cost\hfill & Retail\hfill \\ \text{Beginning Inventory, November }1\hfill & \$137,211\hfill & \$328,500\hfill \\ \text{Net Purchases}\left(\text{November}\right)\hfill & 138,849\hfill & 313,500\hfill \\ \text{Net Sales }\left(\text{November}\right)\text{ \$205,400}\hfill & \hfill & \hfill \end{array}$