Question

# The records of Monty’s Boutique report the following data for the month of April. Sales revenue...

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

 Sales revenue Purchases (at cost) \$106,300 \$51,500 2,100 88,500 10,100 2,100 1,700 3,000 9,800 17,564 2,900 42,500 2,600

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 \$enter the dollar amount of the ending inventory by the conventional retail inventory method rounded to 0 decimal places

 Cost Retail Cost to Retail Ratio Working Beginning Inventory \$17,564 \$42,500 Plus: Purchases \$49,400 \$85,500 [Purchases less Returns] Freight In \$2,600 Net Markups \$8,400 [Total – cancellation] \$69,564 \$136,400 Less: Net MarkDowns \$6,900 [Total – cancellation] Goods Available for sale \$69,564 \$129,500 Cost to retail Percentage 51.00% ( 69564 / 136400 ) x 100 Less: Net Sales \$104,200 [Sales – Sales returns] Estimated ending inventory at retail \$25,300 \$ 129500 - \$ 104200 Estimated ending Inventory at cost \$12,903 \$ 25300 x 51%

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