The following information is taken from the books of All in
the Family Center for the first quarter of its fiscal year
ending on April 30, 20--:
Inventory, start of period (January 1, 20-
-)
Net purchases during the period
Net sales for the period
Cost
$37,000
Estimated cost of goods sold
174,000
Retail
$66,000
330,000
310,500
Required:
1. Estimate the ending inventory as of April 30, 20--,
using the retail inventory method. Round your intermediate
calculations and final answer to the nearest whole number.
Estimate the ending inventory
2. Estimate the cost of goods sold for the time period,
January 1, through April 30, using the retail inventory
method. Round your intermediate calculations and final
answer to the nearest whole number.