Reference no: EM131841276
Problem - The records of Marin's Boutique report the following data for the month of April.
Sales revenue $107,400 Purchases (at cost) $44,200
Sales returns 1,900 Purchases (at sales price) 83,000
Markups 10,300 Purchase returns (at cost) 1,900
Markup cancellations 1,400 Purchase returns (at sales price) 3,000
Markdowns 3,600 Beginning inventory (at cost) 22,312
Markdown cancellations 2,700 Beginning inventory (at sales price) 42,300
Freight on purchases 2,300
Required - Compute the ending inventory by the conventional retail inventory method.