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What amount should rocketfire report

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Reference no: EM132584775

Net sales

At cost

At retail

$715,000

Beginning inventory

$ 70,000

143,000

Purchases

365,000

745,000

Purchase returns

22,000

43,000

Additional markups

 

24,000

Markup cancellations

 

5,000

Markdowns

 

11,000

Markdown cancellations

 

3,000

Question 1: What amount should Rocketfire report on its financial statements as ending inventory estimated using the retail method? Round your cost ratio calculation to four decimal places, for example, 24.76%.

a) $59,634

b) $67,398

c) $68,033

d) $88,246

Reference no: EM132584775

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