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.)

Ending inventory using conventional retail inventory method: $______________

Sales Revenue $96,500 Purchases (at cost) $56,100 Sales returns $2,700 Purchases (at sales price) $98,300 Markups $12,000 Purchases (at cost) $2,700 Markup cancellations $1,500 Purchases (at sales price) $4,100 Markdowns $9.500 Beginning inventory (at cost) $51,176 Markdown cancellations $3,300 Beginning inventory (at sales price) $53,500 Freight on purchases $3,000

Explanation / Answer

Beginning inventory (at cost) $51,176 Purchases at cost 58800 available for sale $109,976 ADD: Markup 12000 retail with markups $121,976 Sub: markdowns 9500 available for sale $112,476 less: sales 96500 End invetory at retail $15,976

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.