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(Retail Inventory Method) Presented below is information related to Mantle Company. Cost Retail Beginning Inventory $50,000 $ 70,000 Purchases 343,750 535,000 Markups 45,750 Markup Cancellations

(Retail Inventory Method) Presented below is information related to Mantle Company.

Cost Retail

Beginning Inventory $50,000 $ 70,000

Purchases 343,750 535,000

Markups 45,750

Markup Cancellations 3,750

Markdowns 30,750

Markdown Cancellation 1,250

Sales 550,000

Instructions

Compute the inventory by the conventional retail inventory method.

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