Homework Answers
Answer :-
Working as follows:
| Cost | Retail | |
| Beginning Inventory | $5,200 | $19,000 |
| Add: Purchases | $46,720 | $82,350 |
| Add: Freight In | $3,700 | $0 |
| Total | $55,620 | $101,350 |
| Add: Markup | $4,700 | |
| Less: Mark up cancellation | ($800) | |
| Total | $55,620 | $105,250 |
| Less: Markdown | ($9,100) | |
| Add: Markdown cancellation | $1,300 | |
| Cost of goods available for sale | $55,620 | $97,450 |
| Less: Normal damage | ($5,500) | |
| Sales | ($64,600) | |
| Ending inventory at retail | $27,350 |
_________________________________________________________
| Method | (a) Ending inventory at retail | (b) cost to retail ratio | ( c) Ending inventory at cost |
| [a*b] | |||
| (1) Conventional retail | $27,350 | 54.88% | $15,009.68 |
| [$55,620/$101,350] | |||
| (2) Cost retail | $27,350 | 57.07% | $15,608.65 |
| [$55,620/$97,450] |
Cost to retail ratio = Total cost of goods available for sale divided by the retail value of goods available for sale.
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