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Presented below is information related to Sandhill Company. Cost Retail Beginning inventory $379,557 $275,000 Purchases 1,356,000...

Presented below is information related to Sandhill Company. Cost Retail Beginning inventory $379,557 $275,000 Purchases 1,356,000 2,161,000 Markups 94,700 Markup cancellations 15,400 Markdowns 36,700 Markdown cancellations 5,200 Sales revenue 2,170,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method

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Answer #1
Cost retail
Beginning inventory 379557 275000
Add: Purchases 1356000 2161000
Total 1735557 2436000
Add: Net markups
Mark ups 94700
Markup cancellations (15400)
79300
Totals 1735557 2515300
Deduct : Net markdowns
Mark downs 36700
Markdown cancellations (5200)
31500
Sale price of goods available 2483800
Less: sales 2170000
Ending inventory at retail 313800
Cost-to-retail ratio (1735557/2515300) = 69%
Ending inventory at cost = 313800*69% 216522

the inventory by the conventional retail inventory method = $216,522

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