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Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Cost Retail Beginning inventory $35,000 $92,000 Purchases $75,000 $200,000 Net additional markups $15,000 Net markdowns - $(22,000) Goods available for sale $110,000 $285,000 Sales Ending inventory at retail $(178,000) $107,000 Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the average cost assumption.

Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Cost Retail Beginning inventory $35,000 $92,000 Purchases $75,000 $200,000 Net additional markups $15,000 Net markdowns - $(22,000) Goods available for sale $110,000 $285,000 Sales Ending inventory at retail $(178,000) $107,000 Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the average cost assumption.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Cost Retail Beginning inventory $35,000 $92,000 Purchases $75,000 $200,000 Net additional markups $15,000 Net markdowns - $(22,000) Goods available for sale $110,000 $285,000 Sales Ending inventory at retail $(178,000) $107,000 Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the average cost assumption.
Transcribed Image Text:Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Cost Retail Beginning inventory $35,000 $92,000 Purchases $75,000 $200,000 Net additional markups $15,000 Net markdowns - $(22,000) Goods available for sale $110,000 $285,000 Sales Ending inventory at retail $(178,000) $107,000 Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the average cost assumption.
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