Question: Use the information in RES-7. Calculate Uncle Butchs Hunting Supply Shops ending inventory' using the retail inventory method under the lower of average cost or

Use the information in RES-7. Calculate Uncle Butch€™s Hunting Supply Shop€™s ending inventory' using the retail inventory method under the lower of average cost or market assumption. Round the cost-to-retail ratio to 3 decimal places.
In RE8-7

Cost Retail Beginning inventory Purchases Net additional markups Net markdowns 35,000 92,000 200,000 5,000 75,000 Godsraaioble for olb 3110000 3 223000 Sales Ending inventory at retail $110,000 285,000 (178,000 107,000

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