Compute the estimated inventory at march

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Reference no: EM133093456

Question - The records of MTL Electric Department Store provided the following data as of March 31, 2018:

 

Cost

Selling Price

Inventory, January 1, 2015

$180,500

$300,000

Markups

 

31,000

Markup cancellations

 

14,000

Markdowns

 

12,000

Markdown cancellations

 

4,000

Purchases

955,000

1,453,000

Purchases returns and allowances

7,500

15,000

Sales

 

1,200,000

Sales returns and allowances

 

20,000

Required - Prepare a schedule to compute the estimated inventory at March 31, 2018.

Reference no: EM133093456

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