Presented below is information related to Ricky Henderson Company. Cost Retail B

Question

Presented below is information related to Ricky Henderson Company.

Cost Retail Beginning inventory $ 123,688 $ 294,800 Purchases 1,434,000 2,144,000 Markups 91,100 Markup cancellations 17,500 Markdowns 39,500 Markdown cancellations 7,400 Sales revenue 2,262,000 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

Explanation / Answer

Cost Retail begning Inventory         123,688 294800 Purchase      1,434,000 2144000 Add: markups 91100 Less: Markup Cancellation 17500 Totals      1,557,688                     2,512,400 Cost to retail ration 62.0% Cost Retail begning Inventory         123,688 294800 Purchase      1,434,000 2144000 Add: markups 91100 Less: Markup Cancellation 17500 Less: markdown 39500 Add: Mark Down Cancellation 7400 Totals      1,557,688                     2,480,300 Cost Retail Cost of goods avialbe for sale      1,557,688                     2,480,300 sale 2262000 Ending inventory reatil method                        218,300

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