Retail method to estimate inventories

Reference no: EM13147649

Lacy's Linen Mart uses the retail method to estimate inventories. Data for the first six months of 2011 include: beginning inventory at cost and retail were $60,000 and $120,000, net purchases at cost and retail were $312,000 and $480,000, and sales during the first six months totaled $490,000. The estimated inventory at June 30, 2011, would be:

a. $68,200.

b. $55,000.

c. $71,500.

d. $63,250.

Reference no: EM13147649

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