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Redux Ltd. estimates its quarterly inventory by the retail inventory method. The following data are available for the quarter ended 30 September 20X6: Cost Selling
Redux Ltd. estimates its quarterly inventory by the retail inventory method. The following data are available for the quarter ended 30 September 20X6:
Cost | Selling Price | |||||
Inventory, 1 July 20X6 | $ | 381,000 | $ | 556,000 | ||
Markups | 233,000 | |||||
Markup cancellations | 57,000 | |||||
Markdowns | 98,000 | |||||
Markdown cancellations | 42,000 | |||||
Purchases | 1,115,000 | 1,785,000 | ||||
Purchase returns and allowances | 35,000 | 63,000 | ||||
Sales | 1,870,000 | |||||
Sales returns and allowances | 99,000 | |||||
Required:
Prepare a schedule to compute the estimated inventory at 30 September 20X6. (Round intermediate calculations to nearest whole percent. Negative amounts should be indicated by a minus sign.)
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