Apply the Retail Method to the Following Information and Calculate

Essay

Apply the retail method to the following information and calculate the cost of the ending inventory:
$$\begin{array} { | l | r | r | } \hline & \text { Cost } & \text { Retail } \\\hline \text { Beginnuing inventory } & \$ 16,800 & \$ 31,600 \\\hline \text { Net purchases } & 47,500 & 97,000 \\\hline \text { Bales } & 89,000 & \\\hline\end{array}$$