Register

A business using the retail method of inventory costing determines that inventory at retail is $680,000. if the ratio of cost to retail price is 70%, what is the amount of inven…

A business using the retail method of inventory costing determines that inventory at retail is $680,000. if the ratio of cost to retail price is 70%, what is the amount of inven…
9.9k views
0 votes
A business using the retail method of inventory costing determines that inventory at retail is $680,000. if the ratio of cost to retail price is 70%, what is the amount of inventory to be reported on the financial statements?

User Absalon Valdes
by
8.0k points

1 Answer

3 votes
$476,000 should be reflected as the cost of inventory in the financial statements
User Mohamed Raza
by
7.9k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

Who was Adam Smith ? Anybody?
What can turn igneous rock into sediment?
What is the best way to describe a stock market?
Link Copied!