The records of Ellen’s Boutique report the following data for the month of April

Question

The records of Ellen’s Boutique report the following data for the month of April.

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.)

Sales revenue $96,800 Purchases (at cost) $63,900 Sales returns 3,200 Purchases (at sales price) 99,000 Markups 11,800 Purchase returns (at cost) 3,200 Markup cancellations 1,200 Purchase returns (at sales price) 4,700 Markdowns 9,300 Beginning inventory (at cost) 34,335 Markdown cancellations 3,900 Beginning inventory (at sales price) 47,000 Freight on purchases 3,700

Explanation / Answer

Begining Inventory = 34335

Add: purchases Net of Returns = 60700

Sales excluding returns and markups = 83000

closing Inventory = 12035

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