Homework Answers
Answer- Ending inventory at cost using the retail method =$73080.
Explanation-
Cost to retail ratio = ($307020/$438600)*100
= 70%
Ending inventory at cost using the retail method =$104400*70%
=$73080
| Particulars | Cost | Retail | |
| $ | $ | $ | |
| Beginning Inventory | 93720 | 99200 | |
| Purchases | 217500 | 291000 | |
| Less-Purchase returns & allowances | 4200 | 6300 | |
| Total | 307020 | 383900 | |
| Add:- Net markups: | |||
| Markups | 63700 | ||
| Markup cancellations | -9000 | 54700 | |
| 307020 | 438600 | ||
| Less:-Net markdowns: | |||
| Markdowns | 35700 | ||
| Markdown cancellations | -20600 | 15100 | |
| Sales price of goods available | 423500 | ||
| Less:-Net sales | ($330000-10900) | 319100 | |
| Ending inventory at retail | 104400 |
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