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Discuss the conventional retail inventory method

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The records of Cheyenne's Boutique report the following data for the month of April.

Sales revenue $89,500 Purchases (at cost) $49,400
Sales returns 1,900 Purchases (at sales price) 95,900
Markups 10,500 Purchase returns (at cost) 1,900
Markup cancellations 1,600 Purchase returns (at sales price) 2,900
Markdowns 8,700 Beginning inventory (at cost) 28,799
Markdown cancellations 2,700 Beginning inventory (at sales price) 46,400
Freight on purchases 2,300

Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Reference no: EM131750587

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