posted by student .
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 returns (n/a)(4480)
and it says in the back of the book the inventory is 55902 cost. how did they get that?