Exercise 9-21

Presented below is information related to Buffalo Company.

		Cost		Retail
Beginning inventory		$224,728		$281,000
Purchases		1,385,000		2,156,000
Markups				93,800
Markup cancellations				15,600
Markdowns				37,900
Markdown cancellations				4,500
Sales revenue				2,192,000

Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using conventional retail inventory method