Homework Answers
Answer-The approximate cost of the ending inventory using the conventional retail method is =$176670.
Explanation-
Cost to retail ratio = ($1605045/$2469300)*100
= 65%
Ending inventory using the conventional retail method =$271800*65%
=$176670
| Particulars | Cost | Retail | |
| $ | $ | $ | |
| Beginning Inventory | 225045 | 279000 | |
| Purchases | 1380000 | 2108000 | |
| Total | 1605045 | 2387000 | |
| Add:- Net markups: | 82300 | ||
| Markups | 96100 | ||
| Markup cancellations | -13800 | ||
| 1605045 | 2469300 | ||
| Less:-Net markdowns: | 30500 | ||
| Markdown | 35000 | ||
| Markdown cancellations | -4500 | ||
| Sales price of goods available | 2438800 | ||
| Less:-Net sales | 2167000 | ||
| Ending inventory at retail | 271800 |
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