Determine ending inventory and cost of goods sold

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Reference no: EM131251108

THE AJAX COMPANY HAS THE FOLLOWING INFORMATION AVAILABLE FOR 2016:

COST RETAIL

BEGINNING INVENTORY $40,000 $100,000

PURCHASES $200,000 $390,000

FREIGHT IN $10,000

PURCHASE RETURNS $1000 $2,000

MARKUPS $9000

MARKUP CANCELS $1,000

MARKDOWNS $6000

MARKDOWN CANCELS $2000

SALES FOR 2016 WERE $350,000

1. DETERMINE ENDING INVENTORY AND COST OF GOODS SOLD USING THE RETAIL METHOD.

Reference no: EM131251108

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