A Company Uses the Retail Method of Inventory $\quad$ $\quad$ $\quad$

Essay

A company uses the retail method of inventory.Data for the year 2013 follows.Compute the ending inventory at cost,assuming FIFO,LCM. Cost $\quad$$\quad$$\quad$ Retail Beginning inventory (cost $19,840,
retail $30,000)
Purchases (net cost $53,360,retail $86,000)
Mark-up (net,$6,000)
Markdowns (net,$2,000)