I need help with retail inventory method: I do not know how to figure out goods available for sale at retail, or any other bits of information... Here is the question/equation
Athletic Shirts: (selling price 1.6 times the cost)
beginning inventory at cost: 48000
sales for the 1st 6 months 249600
purchases at cost 144000
Athletic coats ( selling price is double their cost)
beginning inventory at cost: 35000
sales for the 1st 6 months 207000
purchases at cost 92500
Help is appreciated!