Answer: $275,149
Explanation:
The December 31, 2021, inventory has been solved and attached by applying the conventional retail method using the information provided.
It should be noted that the cost to retail percentage was gotten as:
= 1,066,000/1,294,000 × 100%
= 82.38%
Ending inventory at cost was gotten as:
= 82.38% × $334,000
= 0.8238 × $334,000
= $275,149.
Check the attached file for further information.
