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What is the ending inventory at retail

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The following data concerning the retail inventory method are taken from the financial records of NCT Company.

                                               Cost                      Retail

Beginning inventory           P 49,000            P 70,000

Purchases                            224,000             320,000

Freight-in                             6,000

Net markups                                                      20,000

Net markdowns                                                     14,000

Sales                                                                 336,000

Sales returns                                                      18,000

Problem 1: What is the ending inventory at retail?

Reference no: EM132996059

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