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Calculate the estimated inventory at may

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Reference no: EM132708830

The records of Little Hawaii Stores included the following data:

Inventory, May 1, at cost, $10,150; at retail, $14,500

Purchases during May, at cost, $31,550; at retail, $42,900

Freight-in, $2,000

Additional markups, $3,800; markup cancellations, $400; net markdowns, $1,300

Sales during May, $46,700

Instructions

Problem 1: Calculate the estimated inventory at May 31 under the retail inventory method. (Carry the cost ratio to two decimal places, e.g., 62.34%.) Show your calculations in good form and label all amount

Reference no: EM132708830

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