Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during the year: Cost Retail $32,500 $65,000 130,000 215,667 3,000 2,000 190,000 Inventory, January 1 Purchases Markups (net) Markdowns (net) Sales Required: Compute the ending inventory by the conventional retail inventory method (round the cost-to-retail ratio to 3 decimal places). HARMES COMPANY Calculation of ending inventory by retail

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.