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Calculate Uncle Butch ending inventory

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Reference no: EM132903852

Question - Retail Inventory Method - 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: EM132903852

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