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Determine the united ending inventory

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Reference no: EM133188301

Question - The records of Now United Department Store report the following data for the month of January 2020:

Sales P7,100,000

Sales allowance 100,000

Sales returns 500,000

Employee discounts 200,000

Theft and other losses 100,000

Initial markup on purchases 2,900,000

Additional mark up 250,000

Mark up cancellations 100,000

Mark down 600,000

Mark down cancellations 100,000

Freight on purchases 100,000

Purchases at cost 4,500,000

Purchase returns at cost 240,000

Purchase returns at sales price 350,000

Beginning inventory at cost 440,000

Beginning inventory at sales price 800,000

Using the conservative retail inventory method, determine the United's ending inventory?

Reference no: EM133188301

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