Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Beginning inventory Purchases Net additional markups Net markdowns Goods available for sale Sales Ending inventory at retail RE8-7 Cost $ 35,000 75,000 $110,000 Ending inventory at retail = Ending inventory at FIFO cost: Cost-to-retail ratio (for purchases): Retail $ 92,000 200,000 Calculate Uncle Butch's' ending inventory using the retail inventory method under the FIFO cost flow assump- tion. Round the cost-to-retail ratio to 3 decimal places. 15,000 (22,000) $285,000 (178,000) $ 107,000

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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.