Make an estimate of the company yearend inventory

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Reference no: EM132794472

Question - Retail Method of Estimating Inventory

The records of Earthly Goods provided the following information for the year ended December 21 2020 At Cost At Retail

January 1 beginning inventory $942,700 $1,854,300

Purchases $6,657,660 $12,797,400

Purchase returns $105,600 $238,700

Sales $10,991,400

Sales Returns $89,200

Required - Make an estimate of the company's yearend inventory using the retail method.

Reference no: EM132794472

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