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Marcos Industries uses the retail method of inventory costing. The retail value of the inventory is $478,000. If the ratio of cost to retail price is 60%, what is the amount of inventory to be reported on the financial statements?

(A) $286,800
(B) cannot be determined from the information given.
(C) $478,000
(D) $192,200

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Answer:

The correct answer is A.

Explanation:

Giving the following information:

The retail value of the inventory is $478,000. The ratio of cost to retail price is 60%. What is the amount of inventory to be reported on the financial statements?

Inventory= 478,000*0.60= $286,800

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