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12. The following figures are from a small boutique, which has a 54% markup: Opening book inventory at retail $16,000 Net sales $6,000 Markdowns $2,000
| 12. The following figures are from a small boutique, which has a 54% markup: | ||||
| Opening book inventory at retail $16,000 | ||||
| Net sales $6,000 | ||||
| Markdowns $2,000 | ||||
| Purchases (retail) $40,000 | ||||
| a. Determine the closing book inventory at retail for the period. (10 points) | ||||
| b. Convert the closing retail book inventory figure to the cost value. (4 points) |
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