Retail Inventory Method the records of Mandy’s Boutique report the following data for the month of April.

Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method.

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Purchases (at cost) Sales $55,000 $95,000 Purchases (at sales price) Purchase retums (at cost) Purchase retuns (at sales price) Sales returns 2,000 88,000 Markups Markup cancellations 10,000 1,500 9,300 2,000 3,000 Markdowns Beginning inventory (at cost) Beginning inventory (at sales price) 46,500 30,000 Markdown cancellations 2,800