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Presented below is information related to Skysong, Inc. Cost Retail Beginning inventory $365,500 $645,000 Purchases 1,634,000 2,881,000 Freight on purchases 69,660 Markups 150,500 Markup cancellations
Presented below is information related to Skysong, Inc.
Cost | Retail | |||
---|---|---|---|---|
Beginning inventory | $365,500 | $645,000 | ||
Purchases | 1,634,000 | 2,881,000 | ||
Freight on purchases | 69,660 | |||
Markups | 150,500 | |||
Markup cancellations | 120,400 | |||
Abnormal shortage | 12,900 | 22,360 | ||
Markdowns | 75,680 | |||
Markdown cancellations | 10,320 | |||
Employee discounts | 4,472 | |||
Sales revenue | 3,074,500 | |||
Sales returns | 86,000 | |||
Normal shortage | 15,050 | |||
Purchase returns | 18,920 | 35,260 |
Compute ending inventory by the conventional retail inventory method. (Round percentages for computational purposes to 1 decimal place, e.g. 0.4158 to 41.6% and final answer to 0 decimal places, e.g. 5,275.) What is the ending inventory?
Ending inventory | $ enter the ending inventory in dollars rounded to 0 decimal places |
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