Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 9-22 The records of Swiftys Boutique report the following data for the month of April. Sales revenue $108,600 Purchases (at cost) $49,700 Sales returns
Exercise 9-22
The records of Swiftys Boutique report the following data for the month of April.
Sales revenue | $108,600 | Purchases (at cost) | $49,700 | |||
Sales returns | 1,900 | Purchases (at sales price) | 92,100 | |||
Markups | 9,200 | Purchase returns (at cost) | 1,900 | |||
Markup cancellations | 1,300 | Purchase returns (at sales price) | 2,800 | |||
Markdowns | 8,300 | Beginning inventory (at cost) | 35,220 | |||
Markdown cancellations | 2,600 | Beginning inventory (at sales price) | 45,000 | |||
Freight on purchases | 2,300 |
Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)
Ending inventory using conventional retail inventory method $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started