Retail Inventory Method Uncle Butch\'s Hunting Supply Shop reports the following

Question

Retail Inventory Method Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Cost Retail Beginning inventory Purchases Net additional markups Net markdowns Goods available for sale Sales Ending inventory at retail $35,000 $92,000 75,000200,000 -15,000 (22,000) $110,000 285,000 (178,000) 107,000 Calculate Undle Butch's' ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places. Previous Next

Explanation / Answer

cost to retail ratio = 110,000/285000 38.596% ending inventory at cost = 107000*38.596% 41298

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