Homework Answers
| Solution: | ||
| $ in '000 | ||
| Cost | Retail | |
| Beginning Inventory | 81 | 126 |
| Purchases | 672 | 1007 |
| Freight in on purchases | 31 | |
| Purchase returns | -2 | -3 |
| Net markups | 5 | |
| Net markdowns | 9 | |
| Goods available for sale | 782 | 1144 |
| Cost to retail percentage: | ||
| Average cost ratio | $782 / $1144 | 0.6836 |
| Conventional method | $782 / (1144 + 9) | 0.6782 |
| Ending inventory at retails sales price = $1144 - Net sales = $1144 - $917 = $227 | ||
| Ending inventory at Avearge Cost = $227 x 0.6836 = $226.32 | ||
| Ending inventory at Conventional Cost = $227 x 0.6782 = $153.95 | ||
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