Presented below is information related to Stellar Company. Cost Retail Beginning inventory $380,418 $282,000 Purchases 1,353,000...
Presented below is information related to Stellar
Company.
|
Cost |
Retail |
|||
|---|---|---|---|---|
|
Beginning inventory |
$380,418 | $282,000 | ||
|
Purchases |
1,353,000 | 2,150,000 | ||
|
Markups |
96,700 | |||
|
Markup cancellations |
16,500 | |||
|
Markdowns |
33,200 | |||
|
Markdown cancellations |
4,600 | |||
|
Sales revenue |
2,206,000 |
Compute the inventory by the conventional retail inventory method.
(Round ratios for computational purposes to 0 decimal
places, e.g. 78% and final answer to 0 decimal places, e.g.
28,987.)
| Ending inventory using conventional retail inventory method |
Homework Answers
Cost to retail ratio calculation:
Cost = Beginning inventory + Purchase
= $380,418 + $1,353,000
= $1,733,418
Retail = Beginning inventory + Purchases + Markups - Markups cancellation
= $282,000 + $2,150,000 + $96,700 - $16,500
= $2,512,220
Cost to retail ratio = $1,733,418 / $2,512,220 = 69%
Closing inventory at retail = Beginning inventory + Purchases + Markups - Markups cancellation - Markdowns + Markdown cancellation - Sales revenue
= $282,000 + $2,150,000 + $96,700 - $16,500 - $33,200 + $4,600 - $2,206,000
= $277,400
Inventory at cost = $277,400 X 69% = $191,406
Add Answer to:
Presented below is information related to Stellar
Company.
Cost
Retail
Beginning inventory
$380,418
$282,000
Purchases
1,353,000...
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