Homework Answers
| Estimated Ending Inventor ( At Retail)= $105000 ( Refer Working Note-1) |
| Estimated Ending Inventor ( At Cost)= $58800 ( Refer Working Note-2) |
| Working Note:-1- Computation of Ending Inventory as per Retail | ||
| Cost | Retail | |
| Beginning Inventory | $40,000.00 | $77,000.00 |
| Net Purchase | $240,000.00 | $423,000.00 |
| Cost of Goods available for sale | $280,000.00 | $500,000.00 |
| Net Sales | -$395,000.00 | |
| Ending Inventory | $105,000.00 | |
| Working note-2 |
| Computation of Cost to Retail Ratio |
| Cost of Goods Available for sale ( As per Cost) / Cost of Goods Available for sale ( as per Retail) |
| $280000/500000=56% |
| Computation of Ending Inventory (At Cost) |
| $105000*56%= $58800 |
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