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Compute the april inventory at the lower of approximate cost

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Reference no: EM132552113

The following information for the month of April is available from the records of Breakaway Department Store:

                                             At Cost                 At Retail

Inventory, April 1                      Br. 8,400                  Br.12,000

Purchases                                   48,810                  80,000

Freight-in                                         2,000

Additional markups                                                  4,300

Markup cancellations                                                800

Markdowns                                    6,600

Markdowns cancellations                   200

Sales                                                                      72,600

Instructions:

Question 1: Compute the April 30 inventory at the lower of approximate cost or market using the conventional retail method

Reference no: EM132552113

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