Question - Uncle Butch's Hunting Supply Shop reports the following information related to inventory:
|
Cost
|
Retail
|
|
Beginning inventory
|
$ 35,000
|
$92,000
|
|
Purchases
|
75,000
|
200,000
|
|
Net additional markups
|
-
|
15,000
|
|
Net markdowns
|
-
|
(22,000)
|
|
Goods available for sale
|
$110,000
|
$285,000
|
|
Sales
|
(178,000)
|
|
|
Ending inventory at retail
|
$ 107,000
|
|
Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the LIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.