Question
Marigold Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertains to a single department
Marigold Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertains to a single department for the month of October 2023. Inventory, October 1, 2023 At cost At retail Purchases (exclusive of freight and returns) $52,500 78,300 At cost At retail Freight-in 248,868 415.100 16,800 Purchase returns At cost 5,400 At retail 7,900 Markups Markup cancellations 8,800 2,100 Markdowns (net) 3,500 Normal spoilage and breakage (at retail) 10,100 Sales revenue 396,800 Calculate the ending inventory at October 31, 2023, at retail prices. Ending inventory $
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