Reference no: EM132318941
Question
As of January 1, 2017, Indigo Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store`s financial statement at June 30, 2017, you obtain the following data.
cost selling price
Inventory January 1 $31,500 $44,800
markdowns 11,400
markups 8,300
markdown cancellation 7,100
markup cancellation 3,000
purchases 107,110 156,700
sales revenue 151,200
purchases return 2,600 3,800
sales returns and allowances 7,800
Compute Indigo`s June 30, 2017, inventory under the conventional retail method of accounting for inventory.
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