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Please explain how you got the answer also. Thank you? Question 1 The records of Novak's Boutique report the following data for the month of
Please explain how you got the answer also. Thank you?
Question 1 The records of Novak's Boutique report the following data for the month of April Sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $50,700 95,600 2,100 3,200 26,376 $103,700 Purchases (at cost) 2,100 Purchases (at sales price) 9,600 Prchase returns (at cost) 1,600 Prchase returns (at sales price) 8,700 Beginning inventory (at cost) 3,000 Beginning inventory (at sales price 48,400 2,400 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg, 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory methodStep by Step Solution
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