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Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Cost Retail Beginning inventory $ 35,000 $ 92,000 Purchases 75,000 200,000 Net additional
Uncle Butch's Hunting Supply Shop reports the following information related to inventory:
Cost | Retail | |
Beginning inventory | $ 35,000 | $ 92,000 |
Purchases | 75,000 | 200,000 |
Net additional markups | 15,000 | |
Net markdowns | (22,000) | |
Goods available for sale | $110,000 | $ 285,000 |
Sales | (178,000) | |
Ending inventory at retail | $ 107,000 |
Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the LIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.
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