Homework Answers
Answer
- Ending Inventory using conventional retail inventory method = $ 156,860
- Working
|
Conventional Retail Method |
||||
|
Cost |
Retail |
Cost to Retail Ratio |
Working |
|
|
Beginning Inventory |
$ 194,276.00 |
$ 276,000.00 |
||
|
Plus: Purchases |
$ 1,368,000.00 |
$ 2,164,000.00 |
||
|
Net Markups |
$ 79,800.00 |
|||
|
$ 1,562,276.00 |
$ 2,519,800.00 |
|||
|
Less: Net MarkDowns |
$ 27,800.00 |
|||
|
Goods Available for sale |
$ 1,562,276.00 |
$ 2,492,000.00 |
||
|
Cost to retail Percentage |
62.00% |
( 1562276 / 2519800 ) x 100 |
||
|
Less: Net Sales |
$ 2,239,000.00 |
|||
|
Estimated ending inventory at retail |
$ 253,000.00 |
2492000 - 2239000 |
||
|
Estimated ending Inventory at cost |
$ 156,860.00 ANSWER |
253000 x 62% |
||
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