Homework Answers
Answer- Ending inventory at cost using the retail method =$180734.
Explanation-
Cost to retail ratio = ($707500/$1104000)*100
= 64.09%
Ending inventory at cost using the retail method =$282000*64.09%
=$180734
| Particulars | Cost | Retail | |
| $ | $ | $ | |
| Beginning Inventory | 143000 | 229500 | |
| Purchases | 483000 | 707000 | |
| Freight-in | 81500 | ||
| Total | 707500 | 936500 | |
| Add:- Net markups: | 167500 | ||
| 707500 | 1104000 | ||
| Less:-Net markdowns: | 72000 | ||
| Sales price of goods available | 1032000 | ||
| Less:-Net sales | 750000 | ||
| Ending inventory at retail | 282000 |
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