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What is the ending inventory at cost

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Question - Capital City Corporation uses the conventional retail inventory method to determine its ending inventory at cost. The following information is available for the current year:

 

Cost

Retail

Beginning Inventory

$350,000

$500,000

Purchases

$1,600,000

$2,440,000

Net Markups

$60,000

Net Markdowns

$30,000

Sales

$2,350,000

Capital City determines that the cost-to-retail ratio is 65%. What is the ending inventory at cost?

$620,000

$350,000

$470,000

$403,000

Reference no: EM132110492

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