A B C D E Conventional Retail Method Beginning Inventory +Purchases -Purchase Returns + Freight (Cost) + Markups (Retail) - Markup Cancellations (Retail) COGAFS Deduct: - Markdowns (Retail) +Markdown Cancellations (Retail) -Sales (Retail) 4 5 +Sales Returns and Allowances (Retail) 6 Ending Inventory @ Retail 7 8 9 0 1 Ending Inventory @Cost COGAFS Cost COGAFS Retail 22 Ending Inventory @ Retail 23 X % 24 25 Template Bubbles Problem + % Cost Retail x fx A ACC 220 - Review B C Ch. 8 and 9- Conventional Retail Method D Presented below is information related to Bubbles Company for the month of May. Sales Sales Returns Markups $ 79,000.00 $ 1,000.00 $ 10,000.00 O Markup Cancellations $ 1,500.00 O Markdowns $ 9,300.00 1 Markdown Cancellations $ 2,800.00 2 Freight on Purchases $ 2,400.00 $ 48,000.00 $ 88,000.00 3 Purchases (Cost) 4 Purchases (Sales Price) 5 Purchase Returns (Cost) 6 Purchase Returns (Sales Price) 17 Beginning Inventory (Cost) 18 Beginning Inventory (Sales Price) 19 20 Instructions: $ 2,000.00 $ 3,000.00 $ 30,000.00 $ 46,500.00 21 Compute ending inventory using the conventional retail method. 22 23 24 25 26 E F