Best Price Retailers had sales of $497,100 in the month of January. Use the retail method to estimate the value of the inventory as of January 31 given the following financial information:
(Round cost ratio to four decimal places)
| Sticker Price Retailer's |
| Financial Highlights |
| January 1 - January 31 |
| |
|
Cost |
Retail |
| Beginning Inventory |
|
$229,276 |
$315,500 |
| Net Purchases (January) |
|
362,161 |
451,800 |
| Total available for sale |