Solution-Calculate uncle butch hunting supply shops ending

Calculate uncle butch hunting supply shops ending inventory

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Reference no: EM132066218

Question - 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 Hunting Supply Shop's ending inventory using the retail inventory method under the LIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.

Reference no: EM132066218

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Calculate uncle butch hunting supply shops ending inventory

Reference no: EM132066218

Reference no: EM132066218

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