Question: Presented below is information related to Buffalo Company.
|
|
Cost
|
|
Retail
|
| Beginning inventory |
|
$224,728 |
|
$281,000 |
| Purchases |
|
1,385,000 |
|
2,156,000 |
| Markups |
|
|
|
93,800 |
| Markup cancellations |
|
|
|
15,600 |
| Markdowns |
|
|
|
37,900 |
| Markdown cancellations |
|
|
|
4,500 |
| Sales revenue |
|
|
|
2,192,000 |
Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)
Ending inventory using conventional retail inventory method.