The following data were available from Veggie Department Store's records for the year ended December...
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Accounting
The following data were available from Veggie Department Store's records for the year ended December 31, 2022:
At Cost At Retail
Merchandise inventory, January 1, 2022 $ 80,000 $ 136,000
Purchases 340,000 578,000
Markups 16,000
Markdowns 50,000
Sales 520,000
Using the retail method, what is the estimate of the merchandise inventory at December 31,2022, valued at lower of cost of market? Round the cost to retail ratio to 3 decimal places. Show all your work
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