The Good Trader Company values its inventory by using the retail method (FIFO basis, lower of cost or market). The following information is available for the year just ended:

 

At what amount would The Good Trader Company report its ending inventory?

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DATA FOR RETAIL INVENTORY METHOD FOR COSTING INVENTORY AND COST OF GOODS SOLD Cost Retail Beginning Inventory $ 80,000 $ 140,000 Purchases 297,000 420,000 Freight In 4,000 --- Shortages 8,000 --- Markups (Net) 10,000 --- Markdowns (Net) 2,000 Sales 400,000 DATA FOR RETAIL INVENTORY METHOD FOR COSTING INVENTORY AND COST OF GOODS SOLD Cost Retail Beginning Inventory $ 80,000 $ 140,000 Purchases 297,000 420,000 Freight In 4,000 --- Shortages 8,000 --- Markups (Net) 10,000 --- Markdowns (Net) 2,000 Sales 400,000

Answer rating: 100% (QA)

Solution 112000 Working Cost Retail Purchases 297000 420000 Freig... View the full answer