stimating Inventory Using Retail Inventory Method—Conventional Outlet Store applies the conventional retail inventory method. Information relating to the computation of inventory for 2020 follows. Estimated normal spoilage is 2% of sales. At Cost At Retail Beginning inventory $104,000 $208,000 Sales 1,560,000 Purchases 780,000 1,534,000 Freight-in 20,800 Markups 156,000 Markup cancellations 52,000 Markdowns 65,000 Markdown cancellations 13,000 Calculate estimated ending inventory for 2020 using the conventional retail method. Do not round the cost ratio in your calculations. Round your final answer below to the nearest dollar. Ending inventory
stimating Inventory Using Retail Inventory Method—Conventional Outlet Store applies the conventional retail inventory method. Information relating to the computation of inventory for 2020 follows. Estimated normal spoilage is 2% of sales. At Cost At Retail Beginning inventory $104,000 $208,000 Sales 1,560,000 Purchases 780,000 1,534,000 Freight-in 20,800 Markups 156,000 Markup cancellations 52,000 Markdowns 65,000 Markdown cancellations 13,000 Calculate estimated ending inventory for 2020 using the conventional retail method. Do not round the cost ratio in your calculations. Round your final answer below to the nearest dollar. Ending inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Estimating Inventory Using Retail Inventory Method—Conventional
Outlet Store applies the conventional retail inventory method. Information relating to the computation of inventory for 2020 follows. Estimated normal spoilage is 2% of sales.
| At Cost | At Retail | |
|---|---|---|
| Beginning inventory | $104,000 | $208,000 |
| Sales | 1,560,000 | |
| Purchases | 780,000 | 1,534,000 |
| Freight-in | 20,800 | |
| Markups | 156,000 | |
| Markup cancellations | 52,000 | |
| Markdowns | 65,000 | |
| Markdown cancellations | 13,000 |
Calculate estimated ending inventory for 2020 using the conventional retail method.
- Do not round the cost ratio in your calculations.
- Round your final answer below to the nearest dollar.
Ending inventory
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