Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The records of Blues Boutique report the following data for the month of April. Sales revenue $105,400 Purchases (at cost) $50,300 Sales returns 2,100 Purchases

The records of Blues Boutique report the following data for the month of April.

Sales revenue

$105,400

Purchases (at cost)

$50,300

Sales returns

2,100

Purchases (at sales price)

92,400

Markups

10,700

Purchase returns (at cost)

2,100

Markup cancellations

1,400

Purchase returns (at sales price)

3,200

Markdowns

9,000

Beginning inventory (at cost)

26,780

Markdown cancellations

2,900

Beginning inventory (at sales price)

47,500

Freight on purchases

2,400

Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Ending inventory using conventional retail inventory method

$enter the dollar amount of the ending inventory by the conventional retail inventory method rounded to 0 decimal places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Secure And Audit Oracle 10g And 11g

Authors: Ron Ben-Natan, Brian E. White, Paul R. Garvey

1st Edition

1420084127, 978-1420084122

More Books

Students also viewed these Accounting questions