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Homework Answers
Answer-1)-The ending inventory using the conventional retail method is =$25783.
Explanation-
Cost to retail ratio = ($128124/$177950)*100
= 72%
Ending inventory using the conventional retail method =$35810*72%
=$25783
| Particulars | Cost | Retail | |
| $ | $ | $ | |
| Beginning Inventory | 21000 | 31000 | |
| Purchases | 104124 | 147500 | |
| Purchase returns | -2200 | -2900 | |
| Freight-in | 5200 | ||
| Total | 128124 | 175600 | |
| Add:- Net markups: | 2350 | ||
| Markups | 2600 | ||
| Markup cancellations | -250 | ||
| 128124 | 177950 | ||
| Less:-Net markdowns: | 810 | ||
| Less:-Normal Spoilage | 4600 | ||
| Sales price of goods available | 172540 | ||
| Less:-Net sales | 136730 | ||
| Ending inventory at retail | 35810 |
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