Rudolph's Hunting Supply Shop reports the following information related to inventory: Cost Retail Beginning inventory $ 35,000
Fantastic news! We've Found the answer you've been seeking!
Question:
Rudolph's Hunting Supply Shop reports the following information related to inventory:
Cost Retail
- Beginning inventory $ 35,000 $ 92,000
- Purchases 75,000 200,000
Other information: Net sales $178,000; Net additional markups $15,000; Net markdowns 22,000,
Calculate Rudolph's ending inventory using the retail inventory method under the lower of average cost or market assumption. Round the cost-to-retail ratio to three decimal places.
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date: