Homework Answers
Answer
- Ending Inventory using conventional retail inventory method = $ 172,935
- Working
|
Conventional Retail Method |
||||
|
Cost |
Retail |
Cost to Retail Ratio |
Working |
|
|
Beginning Inventory |
$ 201,049.00 |
$ 278,000.00 |
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|
Plus: Purchases |
$ 1,388,000.00 |
$ 2,166,000.00 |
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|
Net Markups |
$ 78,300.00 |
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|
$ 1,589,049.00 |
$ 2,522,300.00 |
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|
Less: Net MarkDowns |
$ 28,800.00 |
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|
Goods Available for sale |
$ 1,589,049.00 |
$ 2,493,500.00 |
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|
Cost to retail Percentage |
63.00% |
( 1589049 / 2522300 ) x 100 |
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|
Less: Net Sales |
$ 2,219,000.00 |
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|
Estimated ending inventory at retail |
$ 274,500.00 |
2493500 - 2219000 |
||
|
Estimated ending Inventory at cost |
$ 172,935.00 |
274500 x 63% |
||
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