Answered step-by-stepThe data shown is taken from the records of Locust Inc. for the...
The data shown is taken from the records of Locust Inc. for the year 2015. Using the retail inventory method and an average cost format, determinie the value of the ending inventory at estimated cost for the end of 2015. Sales of 135,600, sales return of 1,600, freight in for 3640. purchases for cost 68560,purchases for 92480, purchases discount for 1000, beginning inventory at cost for 65600, inventory at retail for 87520.
A. $ 36,176
B. $ 46,000
C. $ 34,960
D. $ 33,580
Answer & Explanation
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