Solution-Estimate the ending inventory as of march

Estimate the ending inventory as of march

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Reference no: EM132722131

Problem - The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending on March 31, 20--:

	Cost	Retail
Inventory, start of period, January 1, 20--	$32,000	$52,000
Net purchases during the period	176,000	268,000
Net sales for the period		260,000

Required -

1. Estimate the ending inventory as of March 31 using the retail inventory method.

2. Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventory method.

Reference no: EM132722131

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Estimate the ending inventory as of march

Reference no: EM132722131

Reference no: EM132722131

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