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Use the following information from Electric Grill Inc. to answer the question 2021 Account Cost Retail Inv, Jan 1 $ 45,000 $97,000 Purchases 104,000 245,000
Use the following information from Electric Grill Inc. to answer the question
| 2021 | |
Account | Cost | Retail |
Inv, Jan 1 | $ 45,000 | $97,000 |
Purchases | 104,000 | 245,000 |
Freight In | 6,000 |
|
Freight out | 3,400 |
|
Markups, net |
| 2,000 |
Markdowns, net |
| 9,000 |
Net Sales |
| 100,000 |
Employee Discounts |
| 2,000 |
Normal Shortage |
| 1,500 |
|
|
|
- Using the Conventional Method, what is the ending inventory valued at Cost for 2021?
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