Problem:
Jan's Boutique provides the following information relating to the financial year ending 30 December 20X7
Cost Price Retail Price
$ $
Beginning inventory 58,400 77,600
Net purchases 289,600 386,400
Additional information
Net sales @ retail $392,000
Staff discounts on goods sold $3,200
Required
Calculate ending inventory at cost price using the retail inventory method.
Summary
The question belongs to Accounting and it discusses about calculating inventory at cost price using retail inventory method.