Homework Answers
ANSWER = c) $644954
| Cost | Retail | |
| Beginning inventory | 787800 | 971700 |
| Purchases | 3025800 | 3978300 |
| Freight | 182700 | |
| Merchandise available for sale (cost) | 3996300 | 4950000 |
| Add: Markups | 5100 | |
| Retail with Markups | 4955100 | |
| Subtract: Markdowns | (279900) | |
| Merchandise available for sale (retail) | 4675200 | |
| Less: Sales | 3876000 | |
| Ending Inventory at Retail | 799200 |
To get the ending inventory at cost, first calculate the
cost-to-retail ratio. With the conventional method you calculate
the ratio using only markups.
= 3,996,300 / 4,955,100 = 0.807
Ending inventory at cost = 799200 * 0.807
= $ 644,954
Add Answer to:
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