Homework Answers
Answer- Ending inventory at cost =$7958.
Explanation-
Cost to retail ratio = ($47190/$59480)*100
= 79.34%
Ending inventory at cost =$10030*79.34%
=$7958
| Particulars | Cost | Retail | |
| $ | $ | $ | |
| Beginning Inventory | 10950 | 15000 | |
| Purchases | 34500 | 40500 | |
| Purchase discounts | -260 | ||
| Freight-in | 2000 | ||
| Total | 47190 | 55500 | |
| Add:- Net markups: | 3980 | ||
| Markups | 4400 | ||
| Markup cancellations | -420 | ||
| 47190 | 59480 | ||
| Less:-Net markdowns: | 1250 | ||
| Sales price of goods available | 58230 | ||
| Less:-Net sales | 48200 | ||
| Ending inventory at retail | 10030 |
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