Question - Retail Inventory Method
Presented below is information related to Kuchinsky Company.
|
Cost
|
Retail
|
|
Beginning inventory
|
$244,000
|
$341,600
|
|
Purchases
|
1,677,500
|
2,610,800
|
|
Markups
|
|
115,900
|
|
Markup cancellations
|
|
18,300
|
|
Markdowns
|
|
42,700
|
|
Markdown cancellations
|
|
6,100
|
|
Sales
|
|
2,684,000
|
Compute the inventory by the conventional retail inventory method.