Reference no: EM132675191

Joshua's Department Store provided the following data as of October 30, 2020

                                                           Cost               Selling Price

Inventory, October 1,2020              362000          537000

Markups 195000

Markup cancellations 38000

Markdowns 60,000

Markdown cancellations 23,000

Purchases                                         830,000          1,500,000

Purchases returns and allowances           16,000          25,000

Sales 1,680,000

Sales returns and allowances 80,000

Required:

Problem 1: Create a schedule to compute the estimated inventory at October 30, 2020.