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Estimate the cost of ending inventory

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Question - A company uses the conventional retail method to estimate ending inventories. The following data has been summarized for year ended December 31, 2021:

 

Cost

Retail

Beginning Inventory

$80,000

$126,000

Purchases

166,000

244,000

Additional useful data:

Net Markups $9,100

Net Markdowns 8,200

Normal Spoilage 13,200

Employee Discounts 15,600

Net Sales 238,000

Required - Estimate the cost of ending inventory. The company prefers to use the method that best approximates the lower of cost or net realizable value. Assume that sales are recorded net of employee discounts.

Reference no: EM133056964

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