Matthew_McCoy_E9-20

Matthew_McCoy_E9-20 - Markdowns 9,300 Markdown...

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Matthew McCoy E9-20 Cost Retail Beginning Inventory 30,000 46,500 Purchases 48,000 88,000 Purchase Returns (2,000) (3,000) Freight on Purchases 2,400                       Totals 78,400 131,500 Add: Net markups           Markups 10,000           Markup cancellations (1,500) Net markups                   8,500    Totals 78,400 140,000 Deduct: Net markdowns
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Unformatted text preview: Markdowns 9,300 Markdown cancellations (2,800) Net markdowns 6,500 Sales price of goods available 133,500 Deduct: Net sales 97,000 Ending inventory, at retail 36,500 Cost-to-retail ratio = 78,400/140,000 = 56% Ending inventory at cost = .56 x 36,500 = 20,440...
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