Question
The records of Tamarisks Boutique report the following data for the month of April. Sales revenue $96,600 Purchases (at cost) $47,900 Sales returns 2,000 Purchases
The records of Tamarisks Boutique report the following data for the month of April.
Sales revenue | $96,600 | Purchases (at cost) | $47,900 | |||
---|---|---|---|---|---|---|
Sales returns | 2,000 | Purchases (at sales price) | 91,000 | |||
Markups | 9,800 | Purchase returns (at cost) | 2,000 | |||
Markup cancellations | 1,600 | Purchase returns (at sales price) | 3,000 | |||
Markdowns | 8,800 | Beginning inventory (at cost) | 26,007 | |||
Markdown cancellations | 2,800 | Beginning inventory (at sales price) | 49,500 | |||
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 |
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