Sunland Corporation had the following amounts, all at retail: Beginning inventory $ 4200   Purchases $ 151000 Purchase returns 6600   Net markups 21000 Abnormal shortage 4600   Net markdowns 3400 Sales revenue 83000   Sales returns 2100 Employee discounts 1900   Normal shortage 2900 What is Sunland’s ending inventory at retail using the conventional retail method?

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Q: None

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Q: Compute ending inventory by the conventional retail inventory method.

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A:

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.