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CONVENTIAL RETAIL INVENTORY METHOD Compute ending inventory at cost using the conventional retail inventory method. COST RETAIL Beginning Inventory 70,000 100,000 Purchases 220,000 295,000 Purchase
| CONVENTIAL RETAIL INVENTORY METHOD | ||||
| Compute ending inventory at cost using the conventional retail inventory method. | ||||
| COST | RETAIL | |||
| Beginning Inventory | 70,000 | 100,000 | ||
| Purchases | 220,000 | 295,000 | ||
| Purchase returns | 4,000 | 5,000 | ||
| Freight in | 750 | |||
| Markups | 15,000 | |||
| Markup cancellations | 5,000 | |||
| Markdowns | 25,000 | |||
| Markdown cancellations | 10,000 | |||
| Sales Revenue | 350,000 | |||
| Sales returns | 10,000 | |||
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