Ending inventory using conventional retail inventory method

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Reference no: EM131264870

The records of Flounder’s Boutique report the following data for the month of April. Sales revenue $103,300 Purchases (at cost) $52,100 Sales returns 2,200 Purchases (at sales price) 95,200 Markups 9,000 Purchase returns (at cost) 2,200 Markup cancellations 1,600 Purchase returns (at sales price) 3,200 Markdowns 9,500 Beginning inventory (at cost) 29,725 Markdown cancellations 3,100 Beginning inventory (at sales price) 50,100 Freight on purchases 2,600

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.)

Ending inventory using conventional retail inventory method

Reference no: EM131264870

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Ending inventory using conventional retail inventory method : The records of Flounder’s Boutique report the following data for the month of April. Sales revenue $103,300 Purchases (at cost) $52,100 Sales returns 2,200 Purchases (at sales price) 95,200 Markups 9,000 Purchase returns (at cost) 2,200 Markup cancel..

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