Question
Presented below is information related to Company A Cost Retail Inventory, 12/31/17 $254,100 $386,700 Purchases 863,627 1,450,300 Purchase returns 59,400 79,600 Purchase discounts 17,900 Gross
Presented below is information related to Company A
Cost | Retail | |||
Inventory, 12/31/17 | $254,100 | $386,700 | ||
Purchases | 863,627 | 1,450,300 | ||
Purchase returns | 59,400 | 79,600 | ||
Purchase discounts | 17,900 | |||
Gross sales revenue | 1,413,700 | |||
Sales returns | 99,400 | |||
Markups | 118,700 | |||
Markup cancellations | 40,800 | |||
Markdowns | 44,900 | |||
Markdown cancellations | 20,400 | |||
Freight-in | 42,400 | |||
Employee discounts granted | 8,000 | |||
Loss from breakage (normal) | 4,400 |
Assuming that Company A uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2018. (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 the conventional retail inventory method | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started