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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…
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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
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$476,000 should be reflected as the cost of inventory in the financial statements
User Mohamed Raza
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