When you undertook the preparation of the financial statements for Ivanhoe Company at January 31, 2021,...
When you undertook the preparation of the financial statements
for Ivanhoe Company at January 31, 2021, the following data were
available:
| At Cost | At Retail | |||
| Inventory, February 1, 2020 | $89,100 | $98,800 | ||
| Markdowns | 34,500 | |||
| Markups | 64,000 | |||
| Markdown cancellations | 20,500 | |||
| Markup cancellations | 10,500 | |||
| Purchases | 221,500 | 291,500 | ||
| Sales revenue | 310,000 | |||
| Purchases returns and allowances | 4,000 | 5,800 | ||
| Sales returns and allowances | 10,900 |
Compute the ending inventory at cost as of January 31, 2021, using
the retail method which approximates lower of cost or market.
| Ending inventory at cost |
Homework Answers
| Particulars | Cost | Retail | |
| $ | $ | $ | |
| Beginning Inventory | 89100 | 98800 | |
| Purchases | 221500 | 291500 | |
| Less-Purchase returns & allowances | 4000 | 5800 | |
| Total | 306600 | 384500 | |
| Add:- Net markups: | |||
| Markups | 64000 | ||
| Markup cancellations | -10500 | 53500 | |
| 306600 | 438000 | ||
| Less:-Net markdowns: | |||
| Markdowns | 34500 | ||
| Markdown cancellations | -20500 | 14000 | |
| Sales price of goods available | 424000 | ||
| Less:-Net sales | ($310000-10900) | 299100 | |
| Ending inventory at retail | $124,900 |
Cost to retail ratio = ($306600/$438000)*100
= 70%
Ending inventory at cost using the retail method =$124900*70%
=$87,430
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