When you undertook the preparation of the financial statements for Green Company at January 31, 2010, the following data were available:

Instructions
Compute the ending inventory at cost as of January 31, 2010, using the retail method which approximates lower of cost or market. Your solution should be in good form with amounts clearlylabeled.

Transcribed Image Text:

At Cost Inventory, February 1, 2009 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales Purchases retums and allowances4,300 Sales retums and allowances At Retail S 98,500 35,000 63,000 20,000 10,000 294,000 345,000 5,500 10,000 70,800 219,500