Homework Answers
Answer
- Correct Answer = Option #4: $ 991,249
- Working
|
Conventional Retail Method |
||||
|
Cost |
Retail |
Cost to Retail Ratio |
Working |
|
|
Beginning Inventory |
$ 396,500.00 |
$ 597,000.00 |
||
|
Plus: Purchases |
$ 3,468,000.00 |
$ 5,253,600.00 |
||
|
Purchase Returns |
$ - |
$ - |
||
|
Freight In |
$ 162,500.00 |
|||
|
Net Markups |
$ 417,000.00 |
|||
|
$ 4,027,000.00 |
$ 6,267,600.00 |
|||
|
Less: Net MarkDowns |
$ - |
|||
|
Goods Available for sale |
$ 4,027,000.00 |
$ 6,267,600.00 |
||
|
Cost to retail Percentage |
64.3% |
( 4027000 / 6267600 ) x 100 |
||
|
Less: Normal Breakage |
$ - |
|||
|
Less: Net Sales |
$ 4,726,000.00 |
|||
|
Estimated ending inventory at retail |
$ 1,541,600.00 |
6267600 - 4726000 |
||
- Ending Inventory at Cost = $ 1541600 x 64.3%
= $ 991249
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