Shoes3895 91Uniforms4236 36Required: Compute the lower of cost or market for ending inventory applied separately to each product.
6. In 2016, Dakota Company had net sales (at retail) of $260,000.At CostAt RetailBeginning inventory$63,800 $ 128,400Cost of goods purchased115,060 196,800Required: The above additional information is available from its records at the end of 2016. Use the retail inventory method to estimate Dakota's 2016 ending inventory at cost. (Round cost ratio to the nearest whole percentage.)