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Compute inventory by conventional retail inventory method

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Reference no: EM131765361

Question - Retail Inventory Method

Presented below is information related to Ricky Henderson Company.

 

Cost

Retail

Beginning inventory

$200,000

$280,000

Purchases

1,375,000

2,140,000

Markups

 

95,000

Markup cancellations

 

15,000

Markdowns

 

35,000

Markdown cancellations

 

5,000

Sales

 

2,200,000

Instruction - Compute the inventory by the conventional retail inventory method.

Reference no: EM131765361

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