Retail inventory chart: Please find the values of the boxes with question marks, and build a chart for each method that shows beginning inventory, net purchases, net markup, net markdown, goods available for sale, sales, ending inventory
1) Conventional:
|
Cost |
Retail |
| Beginning Inventory |
190,000 |
280,000 |
| Net Purchases |
608,000 |
840,000 |
| Net Markups |
|
? |
| Cost-to-Retail percent |
70% |
|
| Net Markdowns |
|
4,000 |
| Net sales |
|
? |
| Ending Inventory |
235,200 |
336,000 |
2) Average:
|
Cost |
Retail |
| Beginning Inventory |
? |
50,000 |
| Net Purchases |
20,760 |
? |
| Net Markups |
|
1,200 |
| Cost-to-Retail percent |
? |
|
| Net Markdowns |
|
800 |
| Net Sales |
|
31,000 |
| Ending Inventory |
34,680 |
51,000 |
3) LIFO:
|
Cost |
Retail |
| Beginning Inventory |
160,000 |
280,000 |
| Net Purchases |
599,200 |
840,000 |
| Net Markups |
|
20,000 |
| Cost-to-Retail percent |
70% |
|
| Net Markdowns |
|
4,000 |
| Net Sales |
|
? |
| Ending Inventory |
? |
316,000 |