Business, 24.04.2020 18:30 kefernanda40
Colonial uses the retail method to estimate its monthly cost of goods sold and month-end inventory. At August 31, the accounting records indicate the cost of goods available for sale during the month (beginning inventory plus purchases) totaled $270,000. These goods had been priced for resale at $675,000. Sales in August totaled $450,000. The estimated inventory at August 31 is:.
a) $48,000
b) $90,000
c) $120,000
d) $270,000
Answers: 3
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Colonial uses the retail method to estimate its monthly cost of goods sold and month-end inventory....
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