Homework Answers
Answer- Ending inventory at cost using the retail method =$72215.
Explanation-
Cost to retail ratio = ($289380/$445200)*100
= 65%
Ending inventory at cost using the retail method =$111100*65%
=$72215
| Particulars | Cost | Retail | |
| $ | $ | $ | |
| Beginning Inventory | 73580 | 99100 | |
| Purchases | 220500 | 299500 | |
| Purchase returns and allowances | -4700 | -6000 | |
| Freight-in | |||
| Total | 289380 | 392600 | |
| Add:- Net markups: | 52600 | ||
| Markups | 62700 | ||
| Markup cancellations | -10100 | ||
| 289380 | 445200 | ||
| Less:-Net markdowns: | 14600 | ||
| Markdown | 34100 | ||
| Markdown cancellations | -19500 | ||
| Sales price of goods available | 430600 | ||
| Less:-Net sales | ($330000-$10500) | 319500 | |
| Ending inventory at retail | 111100 |
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