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Question - Presented below is information related to Crane Inc.
Cost
Retail
Inventory, 12/31/20
$251,100
$390,400
Purchases
906,368
1,447,600
Purchase returns
60,000
79,400
Purchase discounts
18,100
-
Gross sales revenue
1,426,100
Sales returns
97,300
Markups
119,700
Markup cancellations
39,500
Markdowns
45,800
Markdown cancellations
20,000
Freight-in
42,300
Employee discounts granted
8,200
Loss from breakage (normal)
4,100
Assuming that Crane Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.
What is the ending inventory using the conventional retail inventory method.
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