Question
The records of Killebrew, Incs. report the following data for the month of August. Sales revenue $220,000 Purchases (at cost) $96,000 Sales returns 12,000 Purchases
- The records of Killebrew, Incs. report the following data for the month of August.
| Sales revenue | $220,000 | Purchases (at cost) | $96,000 |
| Sales returns | 12,000 | Purchases (at sales price) | 190,000 |
| Additional markups | 25,000 | Purchase returns (at cost) | 4,000 |
| Markup cancellations | 8,000 | Purchase returns (as sales price) | 6,000 |
| Markdowns | 16,000 | Beginning inventory (at cost) | 60,000 |
| Markdown cancellations | 5,000 | Beginning inventory (at sales price) | 93,000 |
| Freight on purchases | 2,000 |
|
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Instructions: Estimate ending inventory using the conventional retail method.
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Accounting For The Environment
Authors: Rob Gray, Jan Bebbington
2nd Edition
0761971378, 978-0761971375
