(Answered) Question - piper uses the conventional retail method to

Accounting

Question - Piper uses the conventional retail method to determine its ending inventory at cost. assume the beginning inventory at cost (retail) is $260,000 ($396,000), purchases during the current year at cost (retail) is $1,370,000 (2,200,000), freight-in on these purchases totaled $86,000, sales during the current year totaled $2,000,000 and net markups (markdowns) were $48,000 ($72,000).

1. What is the goods available for sale at cost?

2. What is goods available for sale at retail before markdowns?

3. What is the cost to retail ration?

4. What is the ending inventory value at retail?

5. What is the ending inventory value at cost?

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