Question

Presented below is information related to Bonita Company. Cost Retail Beginning inventory $252,960 $281,000 Purchases 1,368,000...

Presented below is information related to Bonita Company.

Cost

Retail

Beginning inventory $252,960 $281,000
Purchases 1,368,000 2,097,000
Markups 93,700
Markup cancellations 15,700
Markdowns 36,900
Markdown cancellations 4,900
Sales revenue 2,243,000


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 $__________

Homework Answers

Answer #1
Cost price Retail price
Beginning inventory $252,960 $281,000
Purchases $1,368,000 $2,097,000
Net markups $78,000 ($93,700-$15,700)
Totals $1,620,960 $2,456,000

Cost to retail ratio = $1,620,960 / $2,456,000

= 0.66

Retai price total $2,456,000
Net markdowns ($32,000) ($36,900-$4,900)
Total goods at retail $2,424,000
Sales ($2,243,000)
Ending inventory at retail $181,000

Ending inventory at cost = $181,000 * 0.66 = $119,460

Ending inventory using conventional retail inventory method $119,460

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