Determine the ending inventory under the conventional retail method for the furniture department of Bonita Department Stores from the following data. ( Round ratio of cost to selling price to 2 decimal places, e.g. 61.25 and final answer to 0 decimal places, e.g. 5,125. )

		Cost		Retail
Inventory, Jan. 1		$148,500		$280,300
Purchases		1,419,000		2,058,500
Freight-in		72,400
Markups, net				96,000
Markdowns, net				46,500
Sales revenue				2,197,200

Ending inventory

$

Answer rating: 100% (QA)

Solution Under Conventional method of inventory valuation Invento... View the full answer