Question: 1: RETAIL METHOD OF INVENTORY VALUATION (7.5 points) Given the following information, calculate (a) closing book inventory, (b) cost value of closing inventory: (c) gross

1: RETAIL METHOD OF INVENTORY VALUATION (7.5 points) Given the following information, calculate (a) closing book inventory, (b) cost value of closing inventory: (c) gross cost of merchandise sold, (d) gross margin and (e) gross margin percent Cost (S) 39,400 68,900 540 Retail ($) CBI-TMH - TRD 77,300 135,900 1,100 700 200 Opening Inventory Gross Purchases RTV Additional MarkUp Markup Cancellation Freight Gross Sales Customer Returns Markdowns net Markdown Cancellation 3,160 116,900 2,400 9,200 360

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