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Evaluate the estimated cost of ending inventory

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Reference no: EM132553546

The following data pertain to a single department for the month of October for ABC Company.

                                                                         At Cost                 At Retail

Beginning inventory..........................................35,000                  40,000

Purchase ............................................................50,000                   80,000

Purchase discount............................................5,000                          15,000

Purchase return and allowance.......................10,000                            14,000

Sales (net).......................................................................................................70,000

Additional markup ....................................................................................20,000

Markup cancellation ................................................................................5,000

Markdown .....................................................................................................10,000

Markdown cancellation ..........................................................................6,000

Normal spoilage.........................................................................................7,000

Normal shortage ......................................................................................3,000

Abnormal spoilage ..................................................................................5,000

Required:

Question 1: Compute the estimated cost of ending inventory using:

A. Conventional Retail Method

B. Cost Retail Method

C. Gross Profit Method, if markup percentage is 20 % on cost

Reference no: EM132553546

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