Problem:
The following data concerning the retail inventory method are taken from the financial records of Welch Company.
|
|
Cost
|
|
Retail
|
| Beginning inventory |
|
$ 147,000
|
|
$ 210,000
|
| Purchases |
|
672,000
|
|
960,000
|
| Freight-in |
|
18,000
|
|
-
|
| Net markups |
|
-
|
|
60,000
|
| Net markdowns |
|
-
|
|
42,000
|
| Sales |
|
-
|
|
970,000 |
Required:
Assuming no change in the price level if the LIFO inventory method were used in conjunction with the data, the ending inventory at cost would be?
Note: Please provide through step by step calculations.