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The Toso Company uses the retail inventory method. The following information is available for the year ended December 31, 2024: Cost Retail Inventory 1/1/2024 $
The Toso Company uses the retail inventory method. The following information is available for the year ended December 31, 2024:
| Cost | Retail | |
|---|---|---|
| Inventory 1/1/2024 | $ 390,000 | $ 650,000 |
| Net purchases for the year | 1,402,000 | 1,835,000 |
| Net markups | 75,000 | |
| Net markdowns | 45,000 | |
| Net sales | 1,845,000 |
Applying the average cost retail inventory method, Toso's inventory at December 31, 2024, is estimated at:
$469,000. $405,035. $477,392. $395,159
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