Homework Answers
Ending inventory at cost=$67,561
Cost ($) Retail ($)
Inventory on January 1 80,000 126,000
net purchases 166,000 244,000
net markups 9,100
Total= 246,000 379,100
Cost to retail percentage=Cost/Retail
=$246,000/$379,100
=64.9%
Net markdown (8,200)
Goods available 370,900
normal spoilage (13,200)
net sales plus employee discounts (253,600)
ending inventory at retail 104,100
So ending inventory at cost = 64.9% * $104,100
=$67,561.
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