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Caleb company uses the retail inventory method to determine

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Caleb Company uses the Retail Inventory method to determine inventory cost for financial reporting purposes. They have provided you with the following information for 2014:

  • Cost Retail
  • Inventory, 1/1/10 $110,000 $160,000
  • Net purchases 378,000 562,000
  • Net markups 68,000
  • Net markdowns 30,000
  • Net sales 508,000

What is the cost of Caleb's inventory at December 31, 2014 based on FIFO, LCM?

Reference no: EM13482797

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