Homework Answers
| At Cost | At Retail | |
| Beginning Inventory | 32000 | 41600 |
| Purchases | 240000 | 480000 |
| (Purchase Returns) | (4800) | (9600) |
| Freight inwards | 14400 | -- |
| Total | 281600 | 512000 |
So, Cost-to-Retail percentage = 281600/512000*100 = 55%
| Total Retail value of total Inventory held | 512000 | |
| Less: Value of inventory Sold: Gross Sales | 496000 | |
| - Less: Returns | (8000) | 488000 |
| So, Retail Value of Inventory at year end | 24000 |
Now, we have already found the cost to retail ratio is 55%
So, Cost of Inventory under Retail Inventory Method = 24000*55% = 13200.
Please comment in case of any query regarding the solution.
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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 Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost Selling Price Inventory, June 1 $96,840 $144,000 Markdowns 37.800 Markups 52,200 Markdown cancellations 18,000 Markup cancellations 16,200 Purchases 311,760 402.480 Sales 450,000 Purchase returns and allowances 5,400 6,480 Sales returns and allowances 18,000...
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pls
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