Stacie's Shoes uses the FIFO retail inventory method to determine its ending inventory. The accounting records for Stacie's Shoes contained the following information:
$\begin{array}{lll}
\underline{\text { Retail }}&\underline{\text {Cost}} \
\$ 348,830 & \$ 242,000 & \text { Purchases } \
394,000 & & \text { Sales } \
5,076 & & \text { Sales returns } \
107,294 & 60,500 & \text { Beginning inventory } \
32,800 & & \text { Net markups } \
12,000 & & \text { Net markdowns }
\end{array}$
The freight-in charges for the merchandise were $7,500. What is the cost of ending inventory for Stacie's Shoes?

Question

Stacie's Shoes uses the FIFO retail inventory method to determine its ending inventory. The accounting records for Stacie's Shoes contained the following information: 
$\begin{array}{lll}
\underline{\text { Retail }}&\underline{\text {Cost}} \
\$ 348,830 & \$ 242,000 & \text { Purchases } \
394,000 & & \text { Sales } \
5,076 & & \text { Sales returns } \
107,294 & 60,500 & \text { Beginning inventory } \
32,800 & & \text { Net markups } \
12,000 & & \text { Net markdowns }
\end{array}$  
The freight-in charges for the merchandise were $7,500. What is the cost of ending inventory for Stacie's Shoes?

Quizplus · Accepted Answer

The Answer of Stacie's Shoes uses the FIFO retail inventory method to determine its ending inventory. The accounting records for Stacie's Shoes contained the following information: 
$\begin{array}{lll}
\underline{\text { Retail }}&\underline{\text {Cost}} \
\$ 348,830 & \$ 242,000 & \text { Purchases } \
394,000 & & \text { Sales } \
5,076 & & \text { Sales returns } \
107,294 & 60,500 & \text { Beginning inventory } \
32,800 & & \text { Net markups } \
12,000 & & \text { Net markdowns }
\end{array}$  
The freight-in charges for the merchandise were $7,500. What is the cost of ending inventory for Stacie's Shoes?

Stacie's Shoes Uses the FIFO Retail Inventory Method to Determine