Question: (a) Determine the ending inventory under the conventional retail method for the furniture department of Mayron Department Stores from the following data. Cost Retail Inventory,

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

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

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

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