SOLUTION: I simply need the formula please I have a list of financial information with a begining Inventory the purchaces and the net sales. Using this information and the retail method of i

Question 206431: I simply need the formula please I have a list of financial information with a begining Inventory the purchaces and the net sales. Using this information and the retail method of inventory I need to estimate the value of the ending inventory. I would like to arrive at the answer on my own. But I cant remember the formula. Thank you for your help.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
Inventory Turnover Ratio=Sales/Inventory
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Inventory Turnover ratio+cost of goods sold/average inventory
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Average inventory+beginning inventory+ending inventory/2
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Inventory turnover ratio=cost of goods sold at retail/average inventory at retail
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I am not sure any of this will help, but I tried.
Bob
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