Please help thanks :)
I need to know how to figure out this question.
Below is some financial information for the month of September for a large clothing store Using the retail method of inventory, estimate the value of the ending inventory at cost on September 30
Finanical Highlights for Sept 1-Sept 30
Begining inventory cost $575.000 retail $718.750
Net purchases(Sept) cost $60,000
I have no idea on this one I came up with $12,283