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Use the following information (in alphabetical order) to estimate the cost of ending inventory using the conventional retail method. NOTE: Use a percentage rounded to
Use the following information (in alphabetical order) to estimate the cost of ending inventory using the conventional retail method.
NOTE: Use a percentage rounded to 2 places after the decimal (e.g., 12.25%).
Cost Retail
Beginning inventory $ 78,000 $122,000
Freight-in 5,000
Markdown cancellations 10,000
Markdowns 30,000
Markup cancellations 2,000
Markups 15,000
Purchases 295,000 415,000
Sales 390,000
Estimated cost of ending inventory: $___________________
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