Reference no: EM132762407
Question - The records of Blossom's Boutique report the following data for the month of April.
Sales revenue $100,000
Purchases (at cost) $44,600
Sales returns 2,000
Purchases (at sales price) 87,600
Markups 10,900
Purchase returns (at cost) 2,000
Markup cancellations 1,500
Purchase returns (at sales price) 2,900
Markdowns 8,500
Beginning inventory (at cost) 29,200
Markdown cancellations 2,700
Beginning inventory (at sales price) 48,400
Freight on purchases 2,300
Required - Compute the ending inventory by the conventional retail inventory method.
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