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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: EM13485639

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