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What is the ending inventory value at cost

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Question - Cullumber uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $379000 ($583000), purchases during the current year at cost (retail) were $1835000 ($3080000), freight-in on these purchases totaled $118000, sales during the current year totaled $2780000, and net markups (markdowns) were $61000 ($97000). What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places.

a. $552,758.00

b. $847,000.00

c. $530,222.00

d. $604,090.00

Reference no: EM132596967

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