Ans.
Cost Retail | At Cost | At Retail |
Inventory February 1,2020 | $78,380 | $99,200 |
Purchases | $230,000 | $288,500 |
Less:- Purchases Return & allowances | ($4,300) | ($5,900) |
Merchandise available for sales | $304,080 | $381,800 |
Add:- Markups $62,800 | ||
Less:- Markup cancellations $10,200 | $52,600 | |
Total | $304,080 | $434,400 |
Less: | ||
Markdowns $35,300 | ||
Less: Markdowns cancellations $20,300 | $15,000 | |
Total | $304,800 | $419,400 |
Less:- | ||
Sales | $330,000 | |
Less:- Sales Return | $10,300 | |
Ending Inventory at Retail | $79,100 |
Cost to retail ratio = $304,080 / $434,400 x 100 = 70%
Ending Inventory at cost 70% of $79,100 = $55,370
When you undertook the preparation of the financial statements for Carla Vista Company at January 31,...
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