Question: (5 points) Ananin, Inc. uses the retail inventory method (RIM) to estimate ending inventory. If they reported beginning inventory at cost of $71,300, beginning inventory

(5 points) Ananin, Inc. uses the retail inventory method (RIM) to estimate ending inventory. If they reported beginning inventory at cost of $71,300, beginning inventory at retail of $109,600, net purchases at cost of $641,700, net purchases at retail of $803,400, net markups of $110,000, net markdowns of $91,000, and net sales of $749,000, what would Ananin, Inc. report as ending inventory at cost? (round decimals to two digits) $183,000 $140,910 $32,000 $732,000
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
