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Do it using excel Calculate the closing book inventory given the following information: begin{tabular}{|l|r|} hline & multicolumn{1}{|c|}{ RETAIL } hline opening inventory & $150,000.00
Do it using excel
Calculate the closing book inventory given the following information: \begin{tabular}{|l|r|} \hline & \multicolumn{1}{|c|}{ RETAIL } \\ \hline opening inventory & $150,000.00 \\ \hline gross purchases & $125,000.00 \\ \hline returns to vendors & $20,000.00 \\ \hline net purchases & $35,000.00 \\ \hline transfers in & $5,000.00 \\ \hline transfers out & $2,000.00 \\ \hline net transfers & $112,000.00 \\ \hline additional markup & $18,000.00 \\ \hline total merch handled & $3,000.00 \\ \hline net sales & $15,000.00 \\ \hline markdowns & $2,000.00 \\ \hline markdown cancellations & \\ \hline net markdowns & \\ \hline employee discounts & \\ \hline total retail deductions & \\ \hline closing book inventory & \\ \hline \end{tabular}Step by Step Solution
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