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Compute the ending inventory by the conventional retail

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The records of Ivanhoe's Boutique report the following data for the month of April.

Sales revenue

$95,600

Purchases (at cost)

$47,200

Sales returns

1,800

Purchases (at sales price)

85,800

Markups

9,500

Purchase returns (at cost)

1,800

Markup cancellations

1,400

Purchase returns (at sales price)

2,800

Markdowns

8,600

Beginning inventory (at cost)

36,103

Markdown cancellations

2,700

Beginning inventory (at sales price)

50,600

Freight on purchases

2,100

 

 

Question 1: 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.)

Reference no: EM132482699

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