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On the basis of the following data, what is the estimated cost of the inventory...

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Question

Accounting

On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method?

Cost Retail
May 1 Inventory $125,000 $166,667
May 1-31 Purchases 235,000 313,333
May 1-31 Sales 230,000

$187,500

$172,500

$250,000

$360,000

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