rrumman9497 rrumman9497

28-07-2021
Business

contestada

Using the retail inventory method, if the cost to retail ratio is 70% and ending inventory at retail is $145,000, then estimated ending inventory at cost is $207,143.

a. True
b. False

Respuesta :

andromache andromache

29-07-2021

Answer:

b. False

Explanation:

The calculation of the estimated ending inventory is given below:

When the cost to retail ratio is 70%,

and

The ending inventory at retail is $145,000,

So, the ending inventory at cost is

= 70% of $145,000

= $101,500

Therefore the given statement is false

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