Question
The records of Montys Boutique report the following data for the month of April. Sales revenue $106,300 Purchases (at cost) $51,500 Sales returns 2,100 Purchases
The records of Montys Boutique report the following data for the month of April.
Sales revenue | $106,300 | Purchases (at cost) | $51,500 | |||
---|---|---|---|---|---|---|
Sales returns | 2,100 | Purchases (at sales price) | 88,500 | |||
Markups | 10,100 | Purchase returns (at cost) | 2,100 | |||
Markup cancellations | 1,700 | Purchase returns (at sales price) | 3,000 | |||
Markdowns | 9,800 | Beginning inventory (at cost) | 17,564 | |||
Markdown cancellations | 2,900 | Beginning inventory (at sales price) | 42,500 | |||
Freight on purchases | 2,600 |
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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