5. Two years ago Redwood Stove Company used a markup of 65% of cost. That year's...

 

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5. Two years ago Redwood Stove Company used a markup of 65% of cost. That year's data are shown. Compute ending inventory, average inventory, and inventory turnover at retail. Net sales Beginning inventory-retail $800,000 300,000 Purchases (cost) $600,000 Inventory-retail 440,000 (June 30) 5. Two years ago Redwood Stove Company used a markup of 65% of cost. That year's data are shown. Compute ending inventory, average inventory, and inventory turnover at retail. Net sales Beginning inventory-retail $800,000 300,000 Purchases (cost) $600,000 Inventory-retail 440,000 (June 30)

Answer rating: 100% (QA)

To calculate ending inventory we need to use the formula Ending Inventory Beginning ... View the full answer