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Question
Fill in the missing amounts from the following chart regarding the determination of Bean Corporation’s estimated inventory using the retail method of estimation.
| Cost | Retail | |
| Merchandise inventory, October 1 | $13,687 | $19,553 |
| Purchases for October (net) | ? | 98,344 |
| Merchandise available for sale | $82,528 | $ ? |
| Ratio of cost to retail price: ? | ||
| Sales for October | ? | |
| Merchandise at retail, October 31 | $25,340 | |
| Merchandise at cost, October 31 | $ ? |
Answer
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