The records of Crane’s Boutique report the following data for
the month of April.
Sales revenue | $105,400 | Purchases (at cost) | $46,100 | |||
Sales returns | 1,900 | Purchases (at sales price) | 85,900 | |||
Markups | 9,200 | Purchase returns (at cost) | 1,900 | |||
Markup cancellations | 1,600 | Purchase returns (at sales price) | 2,900 | |||
Markdowns | 9,100 | Beginning inventory (at cost) | 24,997 | |||
Markdown cancellations | 2,700 | Beginning inventory (at sales price) | 44,300 | |||
Freight on purchases | 2,300 |
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 |
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