Homework Answers
Answer
- Ending Inventory using conventional retail inventory method = $ 139,242
- Workings
|
Conventional Retail Method |
||||
|
Cost |
Retail |
Cost to Retail Ratio |
Working |
|
|
Beginning Inventory |
$ 307,645.00 |
$ 285,000.00 |
||
|
Plus: Purchases |
$ 1,397,000.00 |
$ 2,106,000.00 |
||
|
Net Markups |
$ 79,500.00 |
|||
|
$ 1,704,645.00 |
$ 2,470,500.00 |
|||
|
Less: Net MarkDowns |
$ 28,700.00 |
|||
|
Goods Available for sale |
$ 1,704,645.00 |
$ 2,441,800.00 |
||
|
Cost to retail Percentage |
69.00% |
( 1704645 / 2470500 ) x 100 |
||
|
Less: Net Sales |
$ 2,240,000.00 |
|||
|
Estimated ending inventory at retail |
$ 201,800.00 |
2441800 - 2240000 |
||
|
Estimated ending Inventory at cost |
$ 139,242.00 |
201800 x 69 % |
||
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