Answer:
$238,600
Step-by-step explanation:
Cost Retail
Beginning inventory $131,980 $286,000
Purchases $1,361,000 $2,123,000
Goods available for sale
$1,492,980 $2,409,000
Add Markups 95,000
Less Markup cancellations (15,700)
($2,409,000+$95,000-$15,700)
Total $1,492,980 $2,488,300
Less Markdowns ($38,400 )
($2,488,300-$38,400) $2,449,900
Add Markdown cancellations $4,700
($2,449,900+$4700) $2,454,600
$1,492,980 $2,454,600
Less Sales revenue ($2,216,000)
($2,454,600-$2,216,000)
Ending Inventory at Retail $238,600