Reference no: EM132752645
Question - A company uses the RETAIL INVENTORY METHOD to compute its ending inventory on December 31, 2020. The data below was available. Unfortunately, the computer did not say whether the items are PLUS or MINUS amounts, so you decide based on what is reasonable.
AT COST AT RETAIL
Beginning Inventory 72,800 98,500
Markdowns 35,000
Markdown cancellations 20,000
Mark ups 73,000
Purchases 219,500 294,000
Purch Returns 4,300 5,500
Sales 345,000
Sales Returns 10,000
PART A: Using the Weighted Average with Lower of Cost or Market (also called the Conventional or Traditional Approach): What numbers go in the numerator and denominator to compute the Cost ratio?
PART B: Compute the Ending Inventory at Retail and then use your cost ratio from above to compute the estimated Ending Inventory at Cost.
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