John’s Bikes uses the retail inventory method. Sales at retail were $120,000.00. Net purchases were $68,000.00 at cost and $124,000.00 at retail. Beginning inventory was $32,000.00 at cost and $76,000.00 at retail. Using the retail method, what was their ending inventory at cost?
$24,000.00
$120,000.00
$40,000.00
$60,000.00
I just need someone to explain HOW to find the answer to this because the way the book says to do this makes absolutely no sense to me. I also don't understand why I keep getting a negative answer. PLEASE Help!!! Thanks
1 answer
I need help please.
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