Homework Answers
Answer-The ending inventory using the conventional retail method is =$535719.
Explanation-
Cost to retail ratio = ($2376000/$3768000)*100
= 0.631
Ending inventory using the conventional retail method =$849000*0.631
=$535719
| Particulars | Cost | Retail |
| $ | $ | |
| Beginning Inventory | 381000 | 585000 |
| Purchases | 1875000 | 3120000 |
| Freight-in | 120000 | |
| Total | 2376000 | 3705000 |
| Add:- Net markups: | 63000 | |
| 2376000 | 3768000 | |
| Less:-Net markdowns: | 99000 | |
| Sales price of goods available | 3669000 | |
| Less:-Net sales | 2820000 | |
| Ending inventory at retail | 849000 |
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