Estimating the ending inventory at cost, Cost Accounting

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Estimating the ending inventory at cost

Response to the following problem:

In 2011, Wichita Company had net sales (at retail) of $130,000. The following additional information is available from its records at the end of 2011. Use the retail inventory method to estimate Wichita's 2011 ending inventory at cost.

At Cost At Retail

Beginning inventory $ 31,900 $64,200

Cost of goods purchased 57,810 98,400

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Cost Accounting: Estimating the ending inventory at cost

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Cost Accounting: Estimating the ending inventory at cost

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