Exercise 9-21 Presented below is information related to Marin Company. Cost Reta

Question

Exercise 9-21 Presented below is information related to Marin Company. Cost Retail Beginning inventory Purchases Markups Markup cancellations Markdowns Markdown cancellations Sales revenue 179,932 $280,000 1,363,000 2,128,000 94,400 13,800 32,300 5,200 2,162,000 Compute the inventory by the conventional retail inventory method. Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to 0 decimal places, eg. 28,987.) Ending inventory using conventional retail inventory method LINK TO TEXT Question Attempts: O of 3 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

COST RETAIL Beginning inventory 179932 280000 Purchases 1363000 2128000 Add: Net Markups 80600 (94400-13800) Goods available for sale 1542932 2488600 Cost to retail ratio: (1542932 / 2488600 * 100) = 62% Less: Net Markdowns -27100 (32300-5200) Less: Sales Revenue -2162000 Ending inventory 185690 299500 Ending inventory at cost = Ending inventory at retail * Cost to retail ratio 299500 * 62% 185690

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