Question

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

Sales revenue		$105,400		Purchases (at cost)		$50,300
Sales returns		2,100		Purchases (at sales price)		92,400
Markups		10,700		Purchase returns (at cost)		2,100
Markup cancellations		1,400		Purchase returns (at sales price)		3,200
Markdowns		9,000		Beginning inventory (at cost)		26,780
Markdown cancellations		2,900		Beginning inventory (at sales price)		47,500
Freight on purchases		2,400

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

Answer 1