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Find what is the ending inventory value at cost

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Problem 1: Oriole uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $393000 ($597000), purchases during the current year at cost (retail) were $2115000 ($3360000), freight-in on these purchases totaled $132000, sales during the current year totaled $3060000, and net markups (markdowns) were $75000 ($111000). What is the ending inventory value at cost?

a. $587535.
b. $861000.
c. $563955.
d. $650415.

Reference no: EM132689861

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