Almaden Valley Variety Store uses the retail inventory method to estimate

Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2016 are as follows:

CostRetail  Beginning inventory$18,000 $26,000   Purchases 108,600  171,000   Freight-in 1,920      Purchase returns 7,000  10,000   Net markups    9,000   Net markdowns    6,000   Normal spoilage    4,800   Net sales    158,000

Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2016, applying the conventional retail method.

Here’s the SOLUTION

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