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Union Co. has the following information available: Cost Retail Beginning Inventory $12,000 $30,000 Purchases 60,000 110,000 Net markups 10,000 Net markdowns 20,000 Sales Revenue 90,000
Union Co. has the following information available:
Cost Retail
Beginning Inventory $12,000 $30,000
Purchases 60,000 110,000
Net markups 10,000
Net markdowns 20,000
Sales Revenue 90,000
If Union follows the lower-of-cost-or market rule and uses average cost, what would be the estimated cost of ending inventory, rounded to the nearest $100?
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