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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.
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