Milo Shoe Shop had goods available for sale in 2008 with a retail price of $120,000. The

Question:

Milo Shoe Shop had goods available for sale in 2008 with a retail price of $120,000. The cost of these goods was $84,000. If sales during the period were $80,000, what is the ending inventory at cost using the retail inventory method?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...