you need not answer following questions , just give me a form for calculation of

Question

you need not answer following questions , just give me a form for calculation of ending inventory at retail

On December 28, 20X4, Cockscomb, Inc. purchased inventory in anticipation of starting business on January 1, 20X5, the first day of its fiscal year. The inventory has a value of $390,000 at retail and $250,000 at cost. The company had the following items affecting sales and inventory for 20X5 COCKSCOMB, INC. RETAIL INVENTORY DATA FOR YEAR ENDING DECEMBER 31, 20X5 Cost Retail 970,000 60,000 Purchases Purchase Returns Gross Sales (after employee discounts) Markups Markup Cancellations Markdowns Markdown Cancellations Employee Discounts Granted Loss From Breakage (Normal) 1,460,000 80,000 1,460,000 20,000 40,000 45,000 20,000 15,000 2,500 In addition, the company had purchase discounts of $18,000, freight in of$79,000, and sales returns of $97,500 The company wants to compare various retail inventory methods to see which best fits their operational plans. You have been asked to prepare schedules showing what ending inventory and cost of goods sold will be under the methods available

Explanation / Answer

Cost Retail Beginning Inventory $390,000 $250,000 Purchases $970,000 $1,460,000 Purchase returns -$60,000 -$80,000 Purchase Discounts -$18,000 Freight-in $79,000 Markups $120,000 Markup cancellations -$40,000 $80,000 Totals $1,361,000 $1,710,000 Markdowns -$45,000 Markdown cancellations $20,000 -$25,000 Sales -$1,460,000 Sales returns $97,500 -$1,362,500 Inventory losses due to breakage -2500 Employee discounts -15000 Ending inventory at retail $305,000 Cost-to-retail ratio = = $1361000/$1710000 79.59% Ending inventory at cost = 76.02% x $305000 $242,751.46

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