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Estimate of the company year-end inventory

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Question - The records of Cordes Goods provided the following information for the year ended December 21 2020

 

At Cost

At Retail

January 1 beginning inventory

$ 854,000

$ 2,462,162

Purchases

$ 1,536,900

$ 3,975,455

Purchase returns

$ 36,900

$ 75,455

Sales

 

$ 8,756,000

Sales Returns

 

$ 89,200

Required - Prepare an estimate of the company's year-end inventory using the retail method.

Reference no: EM132579366

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