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| Retail-Mart Values | ||||
| Cost | Retail | |||
| Beginning Inventory | 96,840 | 1,44,000 | ||
| Purcahses | 3,11,760 | 4,02,480 | ||
| Less: Purchase returns | (5,400) | (6,480.00) | ||
| Purchases (Net) | 3,06,360 | 3,96,000 | ||
| Merchandise available for sale: | ||||
| Add: | ||||
| Markups | 52,200 | |||
| Less: Markup cancellations | (16,200) | |||
| Net markups | 36,000 | |||
| 5,76,000 | ||||
| Deduct: | ||||
| Markdowns | -37800 | |||
| Less: Markdown cancellations | 18000 | (19,800) | ||
| Goods available for sale | 4,03,200 | 5,56,200 | ||
| Deduct: Sales (net) | 4,32,000 | |||
| Ending inventory at retail | 1,24,200 | |||
| Cost to retail ratio = | 4,03,200 | =72.49% | ||
| 5,56,200 | ||||
| Ending inventory at cost ($1,24,200 X72.49%) | 70,844 | |||
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Type or paste question here Question 4 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inve...
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