Homework Answers
Answer:
| Particular | Cost($) | Retail($) |
| Beginning inventory | 2,24,728 | 2,81,000 |
| Purchases | 13,85,000 | 21,56,000 |
| Total | 16,09,728 | 24,37,000 |
| Add: Net markup | 93,800 | |
| Less: Markup cancellation | -15,600 | |
| Total | 16,09,728 | 25,15,200 |
| Less: Markdowns | -37,900 | |
| Add: Markdown cancellations | 4,500 | |
| Sales price of goods available | 24,81,800 | |
| Less: sales | -21,92,000 | |
| Ending inventory at retail | 2,89,800 |
| Find out Cost to retail ratio. | ||
| Cost to retail ratio = $1,609,728 / $ 2,515,200*100 | ||
| = 64 % | ||
| Ending inventory at cost = $ 289,800 x 64 % = $ 185,472 | ||
| Ending inventory using conventional retail inventory method is $ 185,472. |
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