Answer
Ending Inventory using conventional retail inventory method |
$ 218,050.00 |
--Working
Conventional Retail Method |
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Cost |
Retail |
Cost to Retail Ratio |
Working |
|
Beginning Inventory |
$ 374,710.00 |
$ 283,000.00 |
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Plus: Purchases |
$ 1,393,000.00 |
$ 2,165,000.00 |
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Net Markups |
$ 77,300.00 |
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$ 1,767,710.00 |
$ 2,525,300.00 |
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Less: Net MarkDowns |
$ 32,800.00 |
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Goods Available for sale |
$ 1,767,710.00 |
$ 2,492,500.00 |
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Cost to retail Percentage |
70.00% |
( 1767710 / 2525300 ) x 100 |
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Less: Net Sales |
$ 2,181,000.00 |
|||
Estimated ending inventory at retail |
$ 311,500.00 |
2492500 - 2181000 |
||
Estimated ending Inventory at cost |
$ 218,050.00 |
311500 x 70% |
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