ACC 113 Project 1D The retail inventory method is used by The Bronx Company. Inventory, purchases, and sales data for 2016 are as follows: Cost $28,000 138,200 6,000 10,000 Retail $33,000 286,400 7,000 Beginning Inventory Purchases Purchases Returns and Allowances Freight-in Net Markups Net Markdowns Net Sales 28,000 13,000 219,000 Using the retail inventory method, calculate the Lower-of-Average-Cost-or-Market of the Bronx Company's ending inventory. (Do not u numbers reflected in your final answers, you must enter your answers with commas.) Cost Retail 28000 33000 Beginning Inventory $ $ Purchases 138200 286400 Purchases Returns and Allowances -6000 7000 Freight-in 10000 Goods available for sale after Net Markdowns 170200 Net Markdowns $ $ % Cost-to-Retail Ratio 1 Goods Available for Sale before Net Markdowns Goods available for sale after Net Markdowns v $1 Less v : Net Sales Endina Inventory (at Retail) e to search o BI (O Ending Inventory (at Retail) Ending Inventory at Average Lower of Cost or Market? Note 1: Before completing this section, prepare the detailed Cost-to-Retail Ratio calculation in the following section. Add your final results here. Note 2: Before completing this section, prepare the detailed Ending Inventory (at Retail) calculation in the following section. Add your final results here. Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections. LINK TO TEXT Compute the Cost to Retail Ratio. (Round answers to 2 decimal places, e.g. 52.75. Do not use dollar signs ($) when entering amounts. To see comma formatted answers, you must enter your answers with commas.) Cost to Retail Ratio 1 Ending Inventory (at Retail) less ($ $ 5 + 100 lo Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of th your saved answers in a new window to help you complete the next section. Compute the Ending Inventory at Lower-of-Average Cost-or-Market. (Round answers to 2 decimal places, e.g. 52.75. Do not use dollar signs ($) when entering numbers reflected in your final answers, you must enter your answers with commas.) Ending Inventory at Average Lower of Cost or Market2 $ Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections. Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT