On the basis of the following data, estimate the cost of the merchandise inventory at March 31 by the retail method. $$\begin{array} { l l r r }
\text { March 1 } & \text { Merchandise inventory } & \$ 250,000 & \$ 350,000 \
\text { March 1-31 } & \text { Purchases (net) } & 850,000 & 1,650,000 \
\text { March 1-31 } & \text { Sales } & & 845,000
\end{array}$$

Question

On the basis of the following data, estimate the cost of the merchandise inventory at March 31 by the retail method. $$\begin{array} { l l r r } 
\text { March 1 } & \text { Merchandise inventory } & \$ 250,000 & \$ 350,000 \
\text { March 1-31 } & \text { Purchases (net) } & 850,000 & 1,650,000 \
\text { March 1-31 } & \text { Sales } & & 845,000
\end{array}$$

Quizplus · Accepted Answer

The Answer of On the basis of the following data, estimate the cost of the merchandise inventory at March 31 by the retail method. $$\begin{array} { l l r r } 
\text { March 1 } & \text { Merchandise inventory } & \$ 250,000 & \$ 350,000 \
\text { March 1-31 } & \text { Purchases (net) } & 850,000 & 1,650,000 \
\text { March 1-31 } & \text { Sales } & & 845,000
\end{array}$$

On the Basis of the Following Data, Estimate the Cost