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What is the estimate of merchandise inventory at December

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Problem - Retail Inventory Method - The following data were available from Hegge Department Store's records for the year ended December 31, 2019:

 

At Cost

At Retail

Merchandise inventory, January 1, 2019

$ 90,000

$ 130,000

Purchases

330,000

460,000

Markups

-

10,000

Markdowns

-

40,000

Sales

-

480,000

Required - Using the retail method, what is the estimate of the merchandise inventory at December 31, 2019, valued at the lower of cost or market? Round the cost-to-retail ratio to 3 decimal places.

Reference no: EM132884006

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