Outlet Store applies the conventional retail inventory method. Information relating to the computation of inventory for...

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Outlet Store applies the conventional retail inventory method. Information relating to the computation of inventory for the year follows. Estimated normal spoilage is 2% of sales. Beginning inventory Sales Purchases At Cost At Retail $96,000 $192,000 1,440,000 720,000 1,416,000 Freight-in 19,200 Markups 144,000 Markup cancellations 48,000 60,000 12,000 Markdowns Markdown cancellations Calculate estimated ending inventory for the year using the conventional retail method. Note: Use negative signs as appropriate in the following schedule. Cost Retail Goods available for sale: Beginning inventory $ Net purchases 96000 $ 720000 192000 1416000 Net markups 19200 Net markdowns 96000 Normal spoilage Total goods available for sale $ 1,704,000 35,846 Outlet Store applies the conventional retail inventory method. Information relating to the computation of inventory for the year follows. Estimated normal spoilage is 2% of sales. Beginning inventory Sales Purchases At Cost At Retail $96,000 $192,000 1,440,000 720,000 1,416,000 Freight-in 19,200 Markups 144,000 Markup cancellations 48,000 60,000 12,000 Markdowns Markdown cancellations Calculate estimated ending inventory for the year using the conventional retail method. Note: Use negative signs as appropriate in the following schedule. Cost Retail Goods available for sale: Beginning inventory $ Net purchases 96000 $ 720000 192000 1416000 Net markups 19200 Net markdowns 96000 Normal spoilage Total goods available for sale $ 1,704,000 35,846