Problem 9-09

Presented below is information related to Sheridan Inc.

Assuming that Sheridan Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (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

Problem 9-09 * Your answer is incorrect. Try again. Presented below is information related to Sheridan Inc. Retail Cost $251,300 962,468 58,800 18,000 $387,300 1,455,600 78,800 Inventory, 12/31/20 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) 1,421,800 98,300 117,600 40,500 45,700 20,200 41,400 7,900 4,500 Assuming that Sheridan Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (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 287880 Click if you would like to Show Work for this question: Open Show Work