Boyne Inc. had beginning inventory of $15,600 at cost and $26,000 at retail. Net

Question

Boyne Inc. had beginning inventory of $15,600 at cost and $26,000 at retail. Net purchases were $156,000 at cost and $221,000 at retail. Net markups were $13,000; net markdowns were $9,100; and sales were $204,100. Compute ending inventory at cost using the conventional retail method. (Round computation for cost-to-retail ratio percentage and answer to 0 decimal places, e.g. 25,250.)

Question 9 Boyne Inc. had beginning inventory of $15,600 at cost and $26,000 at retail. Net purchases were $156,000 at cost and $221,000 at retail. Net markups were $13,000; net markdowns were $9,100; and sales were $204,100. Compute ending inventory at cost using the conventional retail method. (Round computation for cost-to-retail ratio percentage and answer to 0 decimal places, e.g. 25,250.)

Explanation / Answer

Boyne Inc. had beginning inventory of $15,600 at cost and $26,000 at retail. Net

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