Garden World uses the retail method to estimate its monthly cost of goods sold and month-end inventory. At May 31, the accounting records indicate the cost of goods available for sale during the month (beginning inventory plus purchases) totaled $540,000. These goods had been priced for resale at $900,000. Sales in May totaled $480,000.
The estimated inventory at May 31 is:
a) $540,000. b) $252,000. c) $420,000. d) $288,000.
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