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PetWorld Uses the Retail Inventory Method to Value Its Inventory

Question 8

Essay

PetWorld uses the retail inventory method to value its inventory. The following information is available for July 2010:
PetWorld uses the retail inventory method to value its inventory. The following information is available for July 2010: Required: A) Compute PetWorld's cost to retail percentage. B) Compute PetWorld's ending inventory at cost. C) Compute PetWorld's cost of goods sold for July. D) Assume that PetWorld counted its ending inventory on July 31 and found it had $415,000 of goods on hand at retail selling prices. What, if any, amount of loss did PetWorld have since its last physical inventory?
Required:
A) Compute PetWorld's cost to retail percentage.
B) Compute PetWorld's ending inventory at cost.
C) Compute PetWorld's cost of goods sold for July.
D) Assume that PetWorld counted its ending inventory on July 31 and found it had $415,000 of goods on hand at retail selling prices. What, if any, amount of loss did PetWorld have since its last physical inventory?

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