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Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during 2016:
Cost Retail
Inventory, January 1 $28,700 $41,000
Purchases 68,500 101,100
Markups (net) — 2,400
Markdowns (net) — 200
Sales — 79,000
Required:
1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar.
HARMES COMPANY
Calculation of ending inventory by retail inventory method
FIFO 2016
Cost Retail
Purchases $ $
Add: Markups (net)
Less: Markdowns (net)
$ $
Add: Beginning inventory
Goods available for sale $ $
Less: Sales
Ending inventory at retail $
Ending inventory at cost $
2. Compute the ending inventory by the retail inventory method for the following cost flow assumption: Average cost. Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole dollar.
HARMES COMPANY
Calculation of ending inventory by retail inventory method
Average Cost 2016
Cost Retail
Beginning inventory $ $
Purchases
Add: Markups (net)
Less: Markdowns (net)
Goods available for sale $ $
Less: Sales
Ending inventory at retail $
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