Determine the ending inventory under the conventional retail method for the furniture department of Nash Department Stores from the following data. (Round ratio of cost to selling price to 2 decimal places, e.g. 61.25% and final answer to O decimal places, e.g. 5,125.) Cost Inventory, Jan. 1 $156,000 Purchases Freight-in Markups, net Markdowns, net Sales revenue Retail $296,600 1,467,200 2,206,900 68,200 Ending inventory $ 95,500 46,100 2,151,100
Determine the ending inventory under the conventional retail method for the furniture department of Nash Department Stores from the following data. (Round ratio of cost to selling price to 2 decimal places, e.g. 61.25% and final answer to O decimal places, e.g. 5,125.) Cost Inventory, Jan. 1 $156,000 Purchases Freight-in Markups, net Markdowns, net Sales revenue Retail $296,600 1,467,200 2,206,900 68,200 Ending inventory $ 95,500 46,100 2,151,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Determine the ending inventory under the conventional retail method for the furniture department of Nash Department Stores from
the following data. (Round ratio of cost to selling price to 2 decimal places, e.g. 61.25% and final answer to O decimal places, e.g. 5,125.)
Inventory, Jan. 1
Purchases
Freight-in
Markups, net
Markdowns, net
Sales revenue
Ending inventory
Cost
$156,000
1,467,200
68,200
tA
$
Retail
$296,600
2,206,900
95,500
46,100
2,151,100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42077dd4-5a93-4885-bc7c-dca1203ecd7a%2F1db5af58-1851-425c-a59c-842ca6d56726%2Fsvkwtwh_processed.png&w=3840&q=75)
Transcribed Image Text:Determine the ending inventory under the conventional retail method for the furniture department of Nash Department Stores from
the following data. (Round ratio of cost to selling price to 2 decimal places, e.g. 61.25% and final answer to O decimal places, e.g. 5,125.)
Inventory, Jan. 1
Purchases
Freight-in
Markups, net
Markdowns, net
Sales revenue
Ending inventory
Cost
$156,000
1,467,200
68,200
tA
$
Retail
$296,600
2,206,900
95,500
46,100
2,151,100
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