(a) Determine the ending inventory under the conventional retail method for the ?furniture department of Mayron Department Stores from the following data (amounts ?in thousands).

(b) If the results of a physical inventory indicated an inventory at retail of $295,000, what inferences would youdraw?

Transcribed Image Text:

Retail Cost $ 149,000 1,400,000 70,000 $ 283,500 2,160,000 Inventory, Jan. 1 Purchases Freight-in Markups, net Markdowns, net 92,000 48,000 Sales 2,175,000