On January 1, 2020, Goodbye Electronics Outlets adopted the conventional retail method of accountingfor its merchandise inventory. Cost Retail Inventory,1/1/2016 $ 45,750 $ 68,000 Markdowns 17,850 Additional markups 28,500 Markdown cancellations 6,500 Markup cancellations 3,500 Net purchases 155,500 190,000 Sales 195,500 Instruction: Determine the company’s ending inventory under the conventional retail method. (Round percentages to two decimal places)
On January 1, 2020, Goodbye Electronics Outlets adopted the conventional retail method of accountingfor its merchandise inventory.
Cost Retail
Inventory,1/1/2016 $ 45,750 $ 68,000
Markdowns 17,850
Additional markups 28,500
Markdown cancellations 6,500
Markup cancellations 3,500
Net purchases 155,500 190,000
Sales 195,500
Instruction: Determine the company’s ending inventory under the conventional retail method. (Round
percentages to two decimal places)
Step by step
Solved in 2 steps with 2 images
