Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Merchandise inventory, August 1 $208,000 $320,000 Transactions during August: Purchases (net) 2,392,000 3,680,000 Sales 3,786,000 Ranchworks Co. Merchandise inventory, March 1 $198,000 Transactions during March through November: Purchases (net) 2,624,000 Sales 4,231,000 Estimated gross profit rate 37% Required: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details of the computations. Celebrity Tan Cost of the Merchandise Inventory August 31
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