Presented below is information related to Muharraq Company,
Cost Retail
Beginning inventory $484,000 $500,000
Purchases 1,750,000 3,450,000
Markups 160,000
Markup cancellations 65,000
Markdowns 49,000
Markdown
cancellations 10,000
Sales 3,320,000
Sales discount 140,000
Required:
Compute the ending inventory at retail and at cost by the conventional retail inventory method (Show your calculations)