Question
The following information is available for the past month for a retail store: Sales $80,000 Markups $9,000 Markdowns $7,000 Purchases (at cost) $38,800 Purchases (at
The following information is available for the past month for a retail store:
| Sales | $80,000 |
| Markups | $9,000 |
| Markdowns | $7,000 |
| Purchases (at cost) | $38,800 |
| Purchases (at retail) | $107,000 |
| Beginning inventory (at cost) | $30,000 |
| Beginning inventory (at retail) | $46,000 |
What is the ending inventory at cost using the conventional retail method? (Round costminustominusretail ratios to four decimal places.)
The answer is $31853. I want to know how to calculate.
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Information Technology And Insights Audit Controls Bringing A Vision And Understanding To Effective Practices
Authors: R. Allen Conner
1st Edition
1720081883, 978-1720081883
