The correct answer is:
$142470.80
Notes
The method to calculate the ending inventory will be as under:
$ Millions | |||
Particulars | Cost Method | Retail Method | |
Beginning Inventory | 78 | 123 | |
Add: | Net Purchases | 668 | 1002 |
Add: | Freight Inward | 28 | |
Add: | Mark up | 5 | |
= | Goods available for sale before markdown | 774 | 1130 |
Less: | Net Markdowns | 8 | |
= | Goods available for sale after markdown | 774 | 1122 |
Less: | Sales | 914 | |
= | Estimated Ending Inventory | 1,42,470.80 | 208 |
Ending inventory at cost = (Goods available for sale before markdown (AT COST) / Goods available for sale before markdown (AT RETAIL))* ending inventory at retail
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