Hawkeye Auto Parts uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $66,000 and $111,000, net purchases at cost and retail were $796,000 and $1,311,000, and sales during the first six months totaled $811,000. The estimated inventory at June 30, 2021, would be:

$372,710

Explanation:

For determining the ending inventory  first we need to do following computations which are given below:

As per cost method

Goods available for sale

= Beginning inventory + Net Purchase for the year

= $66,000 + $796,000

= $862,000

Under Retail method

Goods available for sale:

= Beginning inventory + Net Purchases for the year

= $111,000 + $1,311,000

= $1,422,000

Now

Cost to retail ratio is

= $862,000 ÷ $1,422,000

= 61%

And, Estimated ending inventory as per retail

= Goods available for sale at Retail - Net sales

= $1,422,000 - $811,000

= $611,000

Therefore,  Estimated ending inventory as per cost is

= Estimated ending inventory at retail × Cost to retail ratio

= $611,000 × 0.61

= $372,710

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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