Need calculations process in order to solve problem Inventory of merchandise, June 30Purchases during JulyGoods available for sale during JulyNet sales during JulyEstimated cost of goods soldEstimated ending inventoryCostPrice221,560$ 297,000222,000$519,000Retail SellingPrice$493,000408,000a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. (Round yourintermediate calculations to 2 decimal places.)$901,000$390,000

The cost ratio is calculated as ratio of cost and retail prices of goods available for sale. The…

nventory of merchandise, June 30 urchases during July Goods available for sale during July Net sales during July Estimated cost of goods sold Estimated ending inventory Price $297,000 222,000 $519,000 $ 221,560 Price $493,000 408,000 - Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. (Round your ntermediate calculations to 2 decimal places.) $901,000 $390,000

nventory of merchandise, June 30 urchases during July Goods available for sale during July Net sales during July Estimated cost of goods sold Estimated ending inventory Price $297,000 222,000 $519,000 $ 221,560 Price $493,000 408,000 - Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. (Round your ntermediate calculations to 2 decimal places.) $901,000 $390,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

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