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Compute the ending inventory by the retail inventory method

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Problem - The records of Bonita's Boutique report the following data for the month of April.

Sales revenue $105,400

Purchases (at cost) $50,300

Sales returns 2,100

Purchases (at sales price) 92,400

Markups 10,700

Purchase returns (at cost) 2,100

Markup cancellations 1,400

Purchase returns (at sales price) 3,200

Markdowns 9,000

Beginning inventory (at cost) 26,780

Markdown cancellations 2,900

Beginning inventory (at sales price) 47,500

Freight on purchases 2,400

Compute the ending inventory by the conventional retail inventory method.

Reference no: EM131592702

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