Presente perOW IS INTormation rerarea Orrounder company. Retail
Cost
$148,740
1,359,000
Beginning inventory
Purchases
Markups
Markup cancellations
Markdowns
Markdown cancellations
Sales revenue
$285,000
2,148.000
96.200
16,300
31,800
4,700
2,209,000
Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg.
78% and final answer to O decimal places, eg. 28,987.)
Ending inventory using conventional retail inventory method
$

Note: "The complete and organized question is attached below as picture"

Conventional Inventory Method

Particulars                                         Cost                 Retail

Beginning inventory A                   $148,740         $285,000

Purchases                                       $1,359,000     $2,148,000

Markups-net                                                           $79,900

Current year's additionB              $1,359,000     $2,227,900

Goods available for sale C=A+B) $1,507,740      $2,512,900

Markdown-net                                                        ($27,100)

Sales                                                                       ($2,209,000)

Ending inventory at retail                                     $276,800

Cost-to-retail percentage = $1,507,740 / $2,512,900*100

Cost-to-retail percentage = 0.6 * 100

Cost-to-retail percentage = 60%

Ending inventory at cost = Ending inventory at retail * Cost-to-retail percentage

Ending inventory at cost = $276,800 * 60%

Ending inventory at cost = $166,080

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