which of the following must be known to apply the retail inventory method? (select all that apply.) multiple select question. inventory and purchases based on retail value. inventory and purchases based on cost. number of units on hand at time of sale.

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theledfords2016 theledfords2016

21-10-2022
Business

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which of the following must be known to apply the retail inventory method? (select all that apply.) multiple select question. inventory and purchases based on retail value. inventory and purchases based on cost. number of units on hand at time of sale.

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-10-30T03:33:18-04:00

Options that apply to retail inventory method are- Inventory and purchases based on cost and Inventory and purchases based on retail value.

An accounting methodology used to determine the worth of a store's inventory is known as retail inventory. By comparing the expense of inventories to the price of the goods, the retail method estimates the ending stock balance for a store. The retail inventory methodology comprises the cost-to-retail ratio together with sales and inventory for a period of time.

The retail inventory method ought to only be employed when there is a distinct correlation between the price of buying goods from distributors and the expense of selling them to customers.

The complete question is here:

Which of the following must be known to apply the retail inventory method? (Select all that apply.)

a. Number of units on hand at time of sale.

b. Inventory and purchases based on cost.

c. Inventory and purchases based on retail value.

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