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Calculate Uncle Butch ending inventory

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Reference no: EM132883991

Problem - Uncle Butch's Hunting Supply Shop reports the following information related to inventory:

 

Cost

Retail

Beginning inventory

$ 35,000

$ 92,000

Purchases

75,000

200,000

Net additional markups

-

15,000

Net markdowns

-

(22,000)

Goods available for sale

$110,000

$ 285,000

Sales

(178,000)

Ending inventory at retail

$ 107,000

Calculate Uncle Butch's' ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.

Reference no: EM132883991

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