Question
The following information pertains to Lynns Linens at December 31st: Cost Retail Beginning Inventory $15,425 $22,000 Purchases $20,000 $30,000 Markups $3,000 Markup Cancellations $500 Markdowns
The following information pertains to Lynns Linens at December 31st:
|
| Cost | Retail |
| Beginning Inventory | $15,425 | $22,000 |
| Purchases | $20,000 | $30,000 |
| Markups |
| $3,000 |
| Markup Cancellations |
| $500 |
| Markdowns |
| $1,000 |
| Markdown Cancellations |
| $700 |
| Sales |
| $10,000 |
Using the conventional retail inventory method, what is the value of ending inventory that Lynns Linens will report on its December 31st balance sheet?
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