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Kristen montana operates a retail clothing operation she

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Kristen Montana operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The accounts payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2008, 2009, 2010, and 2011.
2008 2009 2010 2011

  • Inventory (ending) $13,000 $11,300 $14,700 $12,200
  • Accounts payable (ending) 20,000
  • Sales 225,700 227,600 219,500
  • Purchase of merchandise
  • inventory on account 146,000 145,000 129,000
  • Cash payments to suppliers 135,000 161,000 127,000

Reference no: EM13596804

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