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4 years ago

At December 31, 2020, the following information was available from Pharoah Co.'s accounting records:

Business

1 answer:

Liono4ka [1.6K]4 years ago

3 0

Answer:

Pharoah's inventory at December 31, 2020 was $81,120. The right answer is a.

Explanation:

In order to calculate Pharoah's inventory at December 31, 2020 we would have to calculate the following formula:

Ending inventory at cost=Ending inventory at retail*Cost to Retail ratio

Cost to Retail ratio=$772,000 ÷ $1,184,000

Cost to Retail ratio= 0.65

Ending inventory at retail=($1,184,000 – $9,200 – $1,050,000)

Ending inventory at retail=$124,800

Therefore, Ending inventory at cost=$124,800× 0.65

Ending inventory at cost=$81,120

Pharoah's inventory at December 31, 2020 was $81,120

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