4 Questions
What method does Midwest Office Products use to estimate ending inventory in its monthly financial statements?
Retail method
What was the cost of the inventory on May 1?
$137,400
What was the net purchases for the month ended May 31?
$184,800
What was the cost of the May 31 inventory using the retail method?
$116,964
Test your understanding of using the retail method to estimate ending inventory. Calculate the cost of the May 31 inventory based on the given information.
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