Homework Help: Finanacial accounting

Posted by student on Monday, December 3, 2007 at 2:46pm.

I am having touble how to work with the retail inventory method to estimate the companies year end inventory.

i have the following information but i just do not see it with even the example in the book.
It is in a 5x3 matrix of colimns and rows. what is in the parenthesis is the first one at cost and the second one at retail

Title (at cost)(at retail)
jan. 1 beginning inventory (81670)(114610)
cost of goods purchased (492250)(751730)
sales (n/a)(786120)
sales returns (n/a)(4480)

Finanacial accounting - student, Monday, December 3, 2007 at 2:47pm
and it says in the back of the book the inventory is 55902 cost. how did they get that?

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