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A company is in the process of preparing interim financial statements. Since they take physical on an annual basis they use the Retail Inventory Method to estimate the inventory. Fortunately, the Company keeps very detailed inventory records at both cost and retail. The following information for corrugated boxes as of the end of the third quarter, 2012, is provided.

Using the retail inventory method calculate ending inventory at cost (for the third quarter of 2012)

	Cost	Retail
Beginning Inventory	92,000	167,000
Purchases	220,000	435,000
Purchase discounts	3,000
Purchase returns	8,000
Markups		10,000
Markup cancellations		25,000
Markdowns		5,000
Employee discounts		9,000
Sales		430,000

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Accounting Basics, Accounting

Category:- Accounting Basics
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