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Retail Inventory Method Uncle Butch's Hunting Supply Shop reports the following information related to inventory:...

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Accounting

Retail Inventory Method

Uncle Butch's Hunting Supply Shop reports the following information related to inventory:

Cost Retail
Beginning inventory $35,000 $92,000
Purchases 75,000 200,000
Net additional markups 15,000
Net markdowns (22,000)
Goods available for sale $110,000 $285,000
Sales (178,000)
Ending inventory at retail $107,000

Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the LIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.

$fill in the blank 1

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