Hi

I have a question regarding this retail inventory method: I did my calculation just need verification and answer

Cost Retail exclude beg inventory The following data concerning the retail inventory method are taken from the financial records of Sunland Company. 3 Beg Inv 194000 269000 Total cost Total Retail Cost Retail 4 Purchase 889000 1240000 889000 1240000 5 freight-in 23400 23400 81100 Beginning inventory $ 194000 $ 269000 Totals 1106400 1509000 912400 1321100 Purchases 889000 1240000 7 add netmark 81100 56000 23400 8 Totals 1590100 1265100 Freight-in less mark down 56000 Net markups 81100 10 Totals 1534100 Net markdowns 56000 11 less sales 1304000 12 Ending inv Sales 1304000 230100 13 Assuming no change in the price level if the LIFO inventory method were used in conjunction with the data, the ending inventory at cost would be 14 Establishment of cost to retail % under assumption of LIO retial= 912400/1265100 15 0.721208 16 previous year 194000/269000 17 Ending ing at base year prices layer at base year prices 18 19 230,100 200,000 X 0.7212 144,240 20 30,100 x 0.721208 21,708 21 165,948 22 23 24