Question

Melvin Corporation uses the CONVENTIONAL RETAIL METHOD for Financial Reporting. The company’s inventory record are summarized...

Melvin Corporation uses the CONVENTIONAL RETAIL METHOD for Financial Reporting. The company’s inventory record are summarized as follows:

Description                                        Cost                             Retail

Beginning Inventory                         $700,000                    $1,015,000

Purchases                                          $1,320,000                 $1,857,500

Additional Markups                                                              $72,000

Markup Cancellations                                                           $12,000

Markdowns                                                                            $18,500

Markdown Cancellations                                                      $3,000

Sales                                                                                       $2,740,500

Required:

Estimates Melvin’s Ending Inventory using the Conventional Retail Method (Round percentages to two decimal places)

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