Compute ending inventory by the conventional retail method

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Question - The records of Ellen's Boutique report the following data for the month of April.

Sales revenue

$96,900

Purchases (at cost)

$68,400

Sales returns

4,300

Purchases (at sales price)

97,500

Markups

12,400

Purchase returns (at cost)

4,300

Markup cancellations

1,200

Purchase returns (at sales price)

5,400

Markdowns

9,600

Beginning inventory (at cost)

37,295

Markdown cancellations

5,200

Beginning inventory (at sales price)

55,200

Freight on purchases

4,800



Compute the ending inventory by the conventional retail inventory method.

Reference no: EM132081267

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