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Calculate uncle butch hunting supply shop''s ending inventory

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Reference no: EM132615783

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

Purchases75,000 200,000

Net additional markups-15,000Net markdowns - (22,000)

Goods available for sale $110,000 $285,000

Sales (178,000)

Ending inventory at retail $107,000

Required - 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: EM132615783

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