KoKo Company uses the retail method of inventory costing. They started the year with an inventory that had a retail cost of $35,000. During the year they purchased an inventory with a retail cost of $300,000. After performing a physical inventory, they calculated their inventory at $60,000. The mark up cost is a 100% of cost. What would the ending inventory at its estimated cost be?
Thanks a whole whole lot.
2007-11-23 03:19:15 · 1 answers · asked by cardoctor61 2 in Business & Finance ➔ Other - Business & Finance
Huh? I thought I just answered this somewhere. Everyone knows what cost means. Retail means at selling price. To use a term like "retail cost" is extremely confusing. On top of that, the question looks like a trick question. If mark up is 100% of cost and a physical inventory indicated they have an ending inventory of $60,000, presumably at retail, that would mean an ending inventory of $30,000 at cost. But that would be too easy. Did you want something else, like sales?
2007-11-24 18:47:54 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋