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Estimate the ending inventory and cost of goods sold

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Question - Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2016 are as follows:

CostRetail  Beginning inventory$18,000 $26,000   Purchases 108,600  171,000   Freight-in 1,920      Purchase returns 7,000  10,000   Net markups    9,000   Net markdowns    6,000   Normal spoilage    4,800   Net sales    158,000 

Required: Estimate the ending inventory and cost of goods sold for 2016, applying the conventional retail method.

Reference no: EM131648029

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