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Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follRequired: 1. Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be indicCost Retail Cost-to-Retail Ratio Beginning inventory Goods available for sale 0 0 Cost-to-retail percentage Less: Net sales S

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Solution:

Particulars Cost Retail Cots to retail ratio
Beginning inventory 31,650 40,000
Add: Purchases 212,100 440,000
Add:Freight in 28,000
Less:Purchase return (6,000) (25,000)
Less:Purchase discount (4,500)
Add:Net markups 20,000
Less:Net markdowns (25,000)
Goods available for sales 261,250 450,000
Cost to retail percentage 58%(261,250/(450,000+25,000))
Less:Net sales
Sales 361,500
Sales return (10,000)
Employee discounts (6,000)
Estimates ending inventory at retail 345,500
estimates ending inventory at cost 200,390
345,500*58%
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