Merchandise inventory, January 1, 2021 Purchases Cost $225,000 574,905 Retail $315,000 875,000 Freight-in 9,400 Net markups Net markdowns Net sales 27,000 11,000 835,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Beginning inventory Purchases Cost Cost-to-Retail Retail Ratio $ 225,000 $ 315,000 574,905 875,000 Freight-in Net markups 9,400 27,000 1,217,000 Net markdowns (11,000) Goods available for sale 809,305 1,206,000 C Beginning inventory Purchases $ 225,000 $ 315,000 574,905 875,000 Freight-in Net markups 9,400 27,000 1,217.000 Net markdowns (11.000) Goods available for sale 809,305 1,206,000 Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost 67.00 % (835,000) $ 371,000 248,570
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
