(Retail Inventory Method) Presented below is information related to kuchinsky Company.
|
Cost |
Retail |
|
|
Beginning inventory |
$ 200,000 |
$ 280,000 |
|
Purchases |
1,425,000 |
2,140,000 |
|
Markups |
95,000 |
|
|
Markup cancellations |
15,000 |
|
|
Markdowns |
35,000 |
|
|
Markdown cancellations |
5,000 |
|
|
Sales |
2,250,000 |
Instructions
Compute the inventory by the conventional retail inventory method.