Question Details

Assuming that carpenter Inc. uses the conventional retail inventory 



Pr. 1—Retail inventory method.
Presented below is information related to Carpenter Inc.
		  Cost  		  Retail  	
	Inventory, 12/31/10	$375,000	$ 550,000
	Purchases	1,369,000	2,050,000
	Purchase returns	90,000	120,000
	Purchase discounts	27,000	-
	Gross sales (after employee discounts)	-	2,110,000
	Sales returns	-	145,000
	Markups	-	180,000
	Markup cancellations	-	60,000
	Markdowns	-	65,000
	Markdown cancellations		30,000
	Freight-in	63,000	-
	Employee discounts granted	-	12,000
	Loss from breakage (normal)	-	8,000

Instructions
Assuming that carpenter Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2011.



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