Homework Answers
| At cost | At retail | |
| Beginning inventory | $30,000 | $46,972 |
| Purchases | $38,800 | $107,000 |
| Merchandise available for sale (Cost) | $68,800 | $153,972 |
| Add: Markup | $9,000 | |
| Retail with Markup | $162,972 | |
| Less: Mark down | $7,000 | |
| Merchandise available for sale (Retail) | $155,972 | |
| Less: Sales | $82,000 | |
| Ending inventory at retail | $73,972 |
Cost to retail ratio = $68,800 / $162,972 = 42.2158%
Ending inventory at cost = $73,972 X 42.2158% = $31,228
Approximately $31,231
Option
B
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