Use the information in RE9-8. Calculate Uncle Butch€™s Hunting Supply Shop€™s ending inventory using the retail inventory method under the lower of average cost or market assumption.
In RE9-8, Uncle Butch€™s Hunting Supply Shop reports the following information related to inventory:

Calculate Uncle Butch€™s Hunting Supply Shop€™s ending inventory using the retail inventory method under the FIFO cost flowassumption.

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Cost $35,000 75,000 Retail Beginning inventory Purchases Net markups Net markdowns Goods available for sale Sales Ending inventory at retail $ 92,000 200,000 15,000 22,000) 285,000 (178,000) $107,000 $110,000