Reference no: EM132774680
The records of Sasuke's Department Store report the following data for the month of January:
Beginning inventory at cost ----------------------------------- P 440,000
Beginning inventory at sales price --------------------------- 800,000
Purchases at cost ---------------------------------------------- 4,500,000
Initial markup on purchases ----------------------------------- 2,900,000
Purchase returns at cost -------------------------------------- 240,000
Purchase returns at sales price ------------------------------ 350,000
Freight on purchases ------------------------------------------ 100,000
Additional markup---------------------------------------------- 250,000
Mark up cancelations ----------------------------------------- 100,000
Mark down ----------------------------------------------------- 600,000
Mark down cancelations------------------------------------- 100,000
Net sales ------------------------------------------------------- 6,500,000
Sales allowance ----------------------------------------------- 100,000
Sales returns -------------------------------------------------- 500,000
Employee discounts ----------------------------------------- 200,000
Theft and other losses -------------------------------------- 100,000
Problem 1. Using the average retail inventory method, what is Sasuke's ending inventory?
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