Question
The records of Metlocks Boutique report the following data for the month of April. Sales revenue $92,500 Purchases (at cost) $45,300 Sales returns 1,800 Purchases
The records of Metlocks Boutique report the following data for the month of April. Sales revenue $92,500 Purchases (at cost) $45,300 Sales returns 1,800 Purchases (at sales price) 88,900 Markups 10,700 Purchase returns (at cost) 1,800 Markup cancellations 1,400 Purchase returns (at sales price) 2,800 Markdowns 9,700 Beginning inventory (at cost) 31,952 Markdown cancellations 2,700 Beginning inventory (at sales price) 48,400 Freight on purchases 2,200 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
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