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What was the markup on retail

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Reference no: EM132741119

Question: A fire destroyed most of the inventory of a furniture store. Before the fire the records showed the following:

Sales to date of the fire $460,000

Sales returns 10,000

Beginning Inventory 75,000

Purchases 375,000

Freight In 1,000

Freight Out 3,000

Depreciation Expense 14,000

Purchases Discounts 2,000

Normal markup on Cost was 1/4 or 25%

Part A: If the markup on cost was 1/4, what was the Markup on Retail?

PART B: Using the gross profit method, what was the estimated cost of the ending inventory PRIOR to the fire?

Reference no: EM132741119

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