Question

Use the following information (in alphabetical order) to estimate the cost of ending inventory using the...

Use the following information (in alphabetical order) to estimate the cost of ending inventory using the conventional retail method.

NOTE: Use a percentage rounded to 2 places after the decimal (e.g., 12.25%).

                     Cost     Retail

Beginning inventory         $ 78,000        $122,000

Freight-in                                5,000              —

Markdown cancellations          —              10,000

Markdowns                               —               30,000

Markup cancellations                —                 2,000

Markups                                    —              15,000

Purchases                          295,000           415,000

Sales                                        —              390,000

Estimated cost of ending inventory: $___________________

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