Question: Cullumber Inc. uses the conventional retail method to determine its ending inventory at cost . Assume the beginning inventory at cost ( retail ) was

Cullumber Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) was $382500($583000), purchases during the current year at cost (retail) were $3188000($4973600), freight-in totaled $148500, sales during the current year totaled $4446000, and net markups were $403000. What is the company's ending inventory value at cost?(Round cost-to-retail ratio percentages to 1 decimal places, e.g.52.7%=0.527.)
Select answer from the options below
$1513600
$785678
$1037150
$944486

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!