Question

On the basis of the following data, what is the estimated cost of the merchandise inventory on May 31 using the retail method?

CostRetail
May 1Merchandise inventory$125,000$166,667
May 1–31Purchases235,000313,333
May 1–31Sales 230,000

a. $250,000

b. $360,000

c. $172,500

d. $187,500

Answer

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