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Title: The following information is available for the month of June for a retail store: Post by: Nakeiat on Jul 22, 2018 The following information is available for the month of June for a retail store:
Sales $79,000 Sales Returns$1,000 Markups$10,000 Markup cancellations$1,000 Markdowns$9,300 Purchases (at cost)$40,000 Purchases (at retail)$107,000 Purchase returns (at cost)$1,200 Purchase returns (at retail)$2,000 Beginning inventory (at cost)$30,000 Beginning inventory (at retail) $46,000 Required: Calculate the ending inventory at cost using the conventional retail method. Round ratios to four decimal places. (For example, 0.40127 = 0.4013) Title: The following information is available for the month of June for a retail store: Post by: dsims_maniac on Jul 22, 2018 Cost Retail Beginning inventory$30,000 $46,000 Purchases$40,000 $107,000 Purchase returns($1,200)($2,000) Markups$10,000 Markup cancellations_______($1,000) Subtotal for ratio$68,800 $160,000 Ratio $68,800 / $160,000 = 43.00% Markdowns($9,300) Sales(net)($78,000) Ending inventory 43.00% $72,700 =$31,261 $72,700 Ending inventory at cost is $31,261. Title: The following information is available for the month of June for a retail store: Post by: Nakeiat on Jul 22, 2018 found this very helpful thank you
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