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Compute the cost of its ending inventory

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Reference no: EM132748023

Question: Woodburn Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of August 2021:

Inventory, August 1, 2021

At cost $91,000

At retail 136,000

Purchases (exclusive of freight and returns)

At cost 185,000

At retail 261,000

Freight-in 21,600

Purchase returns

At cost 9,200

At retail 12,400

Markups 9,000

Markup cancellations 3,000

Markdowns (net) 16,600

Normal spoilage and breakage 6,000

Sales 310,000

Instructions

(a) Using the conventional retail method, compute the cost of its ending inventory for August 31, 2021.

(b) Using the cost retail method, compute the cost of its ending inventory for August 31, 2021.

Reference no: EM132748023

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