The Following Data Concerning the Retail Inventory Method Are Taken

question 145

Essay

The following data concerning the retail inventory method are taken from the financial records of a small company. $\begin{array}{lrr}&\text { At Cost } & \text { At Retail } \\ \text {Beginning inventory }& \$37,200&\$60,000\\ \text {Purchases.}&182,000&308,000 \\ \text {Freight-in. }& 2,800&--\\ \text {Net mark-ups. }&---&2,000 \\ \text {Net markdowns. }&---&3,480 \\ \text {Sales. }&---&313,520 \\\end{array}$ (a) The ending inventory at retail should be: $_______________.
(b) If the ending inventory is to be valued at approximately the lower-of-cost-or-market,FIFO basis,the calculation of the cost to retail ratio should be based on goods available for sale at (1) cost and (2) retail,respectively,of: $________________ and $_________________.

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Definitions:

Part-Time Workers

Employees who work fewer hours than the standard full-time schedule, often with a proportional reduction in benefits and wages.

Job Security

The probability or likelihood that an individual will retain their job without the risk of becoming unemployed.

Union Membership

The state of being a member in a labor union, which involves participating in collective bargaining and activities for workers' rights and benefits.

Younger Workers

Refers to employees typically in the early stages of their careers, often categorized as Millennials or Generation Z in workforce demographics.