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3. Estimating inventory using retail inventory method - conventional

Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retall inventory method. It discloses the following data for the month of June. Compute estimated inventory at june 30 using the conventional retail inventory method. - Note: Use negative signs as appropriate in the following schedule. \begin{tabular}{|c|c|c|c|c|} \hline & Cost & & Retail & \\ \hline Goods available for sale: & & & & \\ \hline Beginning inventory & $ & 0$ & & 0 \\ \hline Add: & & & & \\ \hline Net purchases & & 0 & & 0 \\ \hline Net markups & & 0 & & 0 \\ \hline Net markdowns & & 0 & & 0 \\ \hline Total goods available for sale & 5 & 0 & & 0 \\ \hline Subtract: & & & & \\ \hline Net sales & & & & 0 \\ \hline Net markups & & & & 0 \\ \hline Net markdowns & & & & 0 \\ \hline Estimated ending inventory at retail & & $ & & 0. \\ \hline \end{tabular} Cost Ratio Numerator / Denominator = Result \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ Estimated ending inventory at cost } \\ \hline Estimated ending inventory at retail & $ & 0 \\ \hline cost ratio & & 0 \\ \hline Estimated ending inventory at cost & $ & 0 \\ \hline \end{tabular}

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