Oriole Co. uses the retail inventory method. The following information is available for the current year.Beginning inventoryPurchasesFreight-inEmployee discountsNet markupsNet markdownsSales revenueCost$506477.O $501470.$539700.$385000.$305000130000026000Retail$48600017200007600670008000014800004The approximate cost of the ending inventory by the conventional retail method is (Round cost-to-retail ratio percentages to 1 decimalplaces, e.g. 52.7% = 0.527.)

Under retail inventory method, commonly determined cost of inventory at the end and cost of goods…

Answered: Beginning inventory Purchases…

Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns $305000 $486000 1300000 26000 1720000 7600 67000 80000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Oriole Co. uses the retail inventory method. The following information is available for the current year.
Beginning inventory
Purchases
Freight-in
Employee discounts
Net markups
Net markdowns
Sales revenue
Cost
$506477.
O $501470.
$539700.
$385000.
$305000
1300000
26000
Retail
$486000
1720000
7600
67000
80000
1480000
4
The approximate cost of the ending inventory by the conventional retail method is (Round cost-to-retail ratio percentages to 1 decimal
places, e.g. 52.7% = 0.527.)

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