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The records of Bonita's Boutique report the following data for the month of April. Sales revenue $96,600 Purchases (at cost) $47,900 Sales returns 2,000
The records of Bonita's Boutique report the following data for the month of April. Sales revenue $96,600 Purchases (at cost) $47,900 Sales returns 2,000 Purchases (at sales price) 91,000 Markups 9,800 Purchase returns (at cost) 2,000 Markup cancellations 1,600 Purchase returns (at sales price) 3,000 Markdowns 8,800 Beginning inventory (at cost) 26,007 Markdown cancellations 2,800 Beginning inventory (at sales price) 49,500 Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method. (Round answer to 0 decimal places, e.g. 28,987 Ending inventory using conventional retail inventory method $
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To compute the ending inventory using the conventional retail inventory method we can use the following formula Ending Inventory Beginning Inventory Net Purchases Cost of Goods Sold First lets calcula...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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