Caleb company uses the retail inventory method to determine

Reference no: EM13482848

Caleb Company uses the Retail Inventory method to determine inventory cost for financial reporting purposes. They have provided you with the following information for 2014:

Cost Retail

Inventory, 1/1/10 $110,000 $160,000
Net purchases 378,000 562,000
Net markups 68,000
Net markdowns 30,000
Net sales 508,000

What is the cost of Caleb's inventory at December 31, 2014 based on FIFO, LCM?

Reference no: EM13482848

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