Presented below is information related to Metlock Company. ...
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Accounting
Presented below is information related to Metlock Company.
| Cost | Retail | |||
|---|---|---|---|---|
| Beginning inventory | $307,645 | $285,000 | ||
| Purchases | 1,397,000 | 2,106,000 | ||
| Markups | 95,200 | |||
| Markup cancellations | 15,700 | |||
| Markdowns | 33,500 | |||
| Markdown cancellations | 4,800 | |||
| Sales revenue | 2,240,000 |
Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)
| Ending inventory using conventional retail inventory method | $enter the dollar amount of the ending inventory using conventional retail inventory method |
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