Homework Answers
Answer- Ending inventory at cost using the retail method =$75460.
Explanation-
Cost to retail ratio = ($309120/$441600)*100
= 70%
Ending inventory at cost using the retail method =$107800*70%
=$75460
| Particulars | Cost | Retail | |
| $ | $ | $ | |
| Beginning Inventory | 91020 | 99300 | |
| Purchases | 222500 | 295000 | |
| Less-Purchase returns & allowances | 4400 | 5800 | |
| Total | 309120 | 388500 | |
| Add:- Net markups: | |||
| Markups | 62300 | ||
| Markup cancellations | -9200 | 53100 | |
| 309120 | 441600 | ||
| Less:-Net markdowns: | |||
| Markdowns | 34000 | ||
| Markdown cancellations | -19600 | 14400 | |
| Sales price of goods available | 427200 | ||
| Less:-Net sales | ($330000-10600) | 319400 | |
| Ending inventory at retail | 107800 |
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