Question
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021: Cost Retail Inventory,
Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2021:
| Cost | Retail | |||||
| Inventory, January 1 | $ | 61,000 | $ | 82,000 | ||
| Purchases | 324,280 | 469,200 | ||||
| Net markups | 8,800 | |||||
| Net markdowns | 17,500 | |||||
| Net sales | 400,000 | |||||
Required: Estimate the ending inventory as of December 31, 2021. (Round "Cost-to-retail percentage" to 1 decimal place.)
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Forensic Accounting
Authors: Greg Shields
1st Edition
1727480988, 978-1727480986
