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Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for
Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2015. Inventory, October 1, 2015 53,530 At cost 79,900 At retail Purchases (exclusive of freight and returns) At cost 317,087 At retail 442,700 16,100 Freight-in Purchase returns At cost 5,730 At retail 8,300 9,700 Markups 2,100 Markup cancellations Markdowns (net) 3,700 Normal spoilage and breakage 10,300 Sales revenue 398,300 (a) Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-or-market inventory for October 31 2015. (Round ratios for computational purposes to o decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987) Ending inventory at lower-of-cost-or-market 520100
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