E9-19B (Retail Inventory Method) Presented below is information related to Mantle Company.

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E9-19B (Retail Inventory Method) Presented below is information related to Mantle Company.

                                                 Cost                     Retail

Beginning inventory             $ 50,000               $ 70,000

Purchases                            343,750                535,000

Markups                                                               23,750

Markup cancellations                                            3,750

Markdowns                                                           8,750

Markdown cancellations                                       1,250

Sales                                                                 550,000

Instructions

Compute the inventory by the conventional retail inventory method.

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