Question: Big B Stores uses the conventional retail method to value its ending inventory . The following information relates to Big Bs inventory at both cost

Big B Stores uses the conventional retail method to value its . The following information relates to Big B€™s inventory at both cost and retail for the current year.

Compute Big B€™s ending inventory for the current year using the conventional retail method (round all percentages to two decimal places).

Retail Description Beginning inventory Purchases Additional markups Markup cancellations Markdowns Markdown cancellations Sales Cost 55,000 245,000 78,500 325,000 24,000 7,000 12,000 3,500 400,000

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