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Homework Answers
Answer- Ending inventory at cost using the retail method =$140.06.
Explanation-
Cost to retail ratio = ($775/$1119)*100
= 69.26%
Ending inventory at cost using the retail method =$203*69.26%
=$140.06
| Particulars | Cost | Retail |
| $ in 000s | $ in 000s | |
| Beginning Inventory | 72 | 117 |
| Purchases | 663 | 998 |
| Purchases returns | -2 | |
| Freight-in | 22 | |
| Total | 755 | 1115 |
| Add:- Net markups: | 4 | |
| 775 | 1119 | |
| Less:-Net markdowns: | 8 | |
| Sales price of goods available | 1111 | |
| Less:-Net sales | 908 | |
| Ending inventory at retail | 203 |
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