Question: (a) Determine the ending inventory under the conventional retail method for the ?furniture department of Mayron Department Stores from the following data (amounts ?in thousands).

(a) Determine the ending inventory under the conventional retail method for the ?furniture department of Mayron Department Stores from the following data (amounts ?in thousands).

Retail Cost $ 149,000 1,400,000 70,000 $ 283,500 2,160,000 Inventory, Jan. 1

(b) If the results of a physical inventory indicated an inventory at retail of $295,000, what inferences would youdraw?

Retail Cost $ 149,000 1,400,000 70,000 $ 283,500 2,160,000 Inventory, Jan. 1 Purchases Freight-in Markups, net Markdowns, net 92,000 48,000 Sales 2,175,000

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