The following data concerning the retail inventory method are taken from the financial records of sunland company. cost retail beginning inventory $ 194000 $ 269000 purchases 889000 124 freight-in 23400 — net markups — 81100 net markdowns — 56000 sales — 1304000 assuming no change in the price level if the lifo inventory method were used in conjunction with the data, the ending inventory at cost would be

$165,945.725 ≈ $165,946

Explanation:

Data provided in the question:

                                                  Cost                          Retail                

Beginning inventory             $194,000                   $269,000

Purchases                              889,000                    1,240,000

Freight-in                                23,400                            —

Net markups                            —                                    81,100

Net markdowns                       —                                  56,000

Sales                                        —                               1,304,000

Now,

The ending retail inventory

= Beginning inventory + Purchases + Net markups - Net markdowns - Sales

= $269,000 + $1,240,000 + $81,100 - $56,000 - $1,304,000

= $230,100

Thus,

ending inventory at cost

= [Beginning inventory cost ÷ Beginning inventory retail ] × ending retail inventory

= [ $194,000 ÷ $269,000 ] × $230,100

= $165,945.725 ≈ $165,946

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