Homework Answers
| Conventional Retail Inventory method | ||||
| Cost ($) | Retail Price ($) | |||
| Beginning Inventory | 2,95,812 | 2,75,000 | ||
| Purchases | 13,98,000 | 21,37,000 | ||
| Add: Markups | 94,000 | |||
| Less: Markup cancellations | -15,100 | |||
| Total ( incl. beginning Inventory) | 16,93,812 | 24,90,900 | ||
| Ratio of cost to retail | (16,93,812/ 2490900) = 68% | |||
| Less: Markdowns | -37,900 | |||
| Add: Markdown cancellations | 4,800 | |||
| Net Sales during the period | -22,38,000 | |||
| Ending Inventory at retail | 2,19,800 | |||
| Cost to Retail ratio | 68% | |||
| Ending Inventory at cost | (219800 * 68%) | 1,49,464 | ||
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NEXT BACK Help 1 System Announcements PRINTER VERSION Exercise 9-21 Presented below is information related to...
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