Homework Answers
ANSWER:
| cost | retail | |
| opening | 52600 | 77100 |
| purchase | 239370 | 420900 |
| freight | 16700 | |
| purchase returns | -5500 | -7900 |
| totals | 303170 | 490100 |
| net markups | 6900(8900-2000) | |
| totals | 303170 | 497000 |
| net markdowns | -3500 | |
| totals | 493500 | |
| sales | -388800 | |
| normal spoilage | -10100 | |
| 94600 |
cost to retail ratio 303170/497000 =0.61
Ending inventory lower of cost or market =94600*0.61
=57706
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