Find the cost of the ending inventory under each of average

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Reference no: EM132721419

Turner Corporation uses the retail inventory method. The following information relates to 2019:

Inventory, January 1                $ 29,000 $ 45,000    Additional markups - $ 50,000
Purchases (gross price)           140,000          190,000      Markup cancellations - 10,000
Purchases discounts taken        3,000 -           Markdowns - 15,000
Purchases returns               5,000                 8,000          Markdown cancellations - 3,000
Freight-in    20,000          -                   Net Sales - 190,000
Employee discounts    3,000

Required:

Problem 1: Compute the cost of the ending inventory under each of the average cost cost flow assumptions (round the cost-to-retail ratio to 3 decimal places)

Reference no: EM132721419

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