The records of Thome's Boutique report the following data for the month of April.
Sales $204,000 Purchases (at cost) $ 96,000
Sales returns 4,000 Purchases (at sales price) 176,000
Additional markups 20,000 Purchase returns (at cost) 4,000
Markup cancellations 3,000 Purchase returns (at sales price) 6,000
Markdowns 18,600 Beginning inventory (at cost) 60,000
Markdown cancellations 5,600 Beginning inventory (at sales price) 93,000
Freight on purchases 2,000
Instructions
Compute the ending inventory by the conventional retail inventory method.