What is the cost of ending inventory

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Reference no: EM132780288

Problem - Records of Satellite Co. has the following information for the current year:

 

Cost

Retail

Beginning inventory

1,500,000

2,100,000

Purchases

3,500,000

4,900,000

Purchase return

150,000

200,000

Purchase allowances

100,000

 

Net mark-up

 

100,000

Net mark-down

 

300,000

Sales

 

4,400,000

Sales returns

 

50,000

Required - What is the cost of ending inventory under the average retail inventory approach?

Reference no: EM132780288

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