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Determine the ending inventory under the conventional retail method for the furniture department of Bramble Department...

Determine the ending inventory under the conventional retail method for the furniture department of Bramble Department Stores from the following data. (Round ratio of cost to selling price to 2 decimal places, e.g. 15.25% and final answer to 0 decimal places, e.g. 5,125.)

Cost Retail
Inventory, Jan. 1 $154,800 $272,600
Purchases 1,360,000 2,187,600
Freight-in 70,000
Markups, net 93,200
Markdowns, net 46,600
Sales revenue 2,225,200
Ending inventory $
Business   Accounting   
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Answer #1

Conventioanal Retail Methode

Cost to Retail (%) - [Excluding Markdowns But Including Markups]

[1584800/2553400=62.06%

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