Solution-Calculate the ending inventory at cost at november

Calculate the ending inventory at cost at november

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Reference no: EM133178517

Question - Fashion Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following information pertains to the month of November 2021:

	Cost	Retail
Beginning inventory	$38,000	$68,000
Purchases	224,000	448,000
Freight-in	10,500
Purchase returns	3,300	5,800
Employee discounts		2,600
Markups		5,900
Markdowns		3,100
Markup cancellations		1,000
Markdown cancellations		800
Sales		285,000

Required - Calculate the ending inventory at cost at November 30, 2021, using the retail method. Your solution should be in good form with amounts clearly labelled. Carry the cost ratio to two decimals.

Reference no: EM133178517

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Calculate the ending inventory at cost at november

Reference no: EM133178517

Reference no: EM133178517

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