Question - The records of Ellen's Boutique report the following data for the month of April.
|
Sales revenue
|
$96,900
|
Purchases (at cost)
|
$68,400
|
|
Sales returns
|
4,300
|
Purchases (at sales price)
|
97,500
|
|
Markups
|
12,400
|
Purchase returns (at cost)
|
4,300
|
|
Markup cancellations
|
1,200
|
Purchase returns (at sales price)
|
5,400
|
|
Markdowns
|
9,600
|
Beginning inventory (at cost)
|
37,295
|
|
Markdown cancellations
|
5,200
|
Beginning inventory (at sales price)
|
55,200
|
|
Freight on purchases
|
4,800
|
|
|
Compute the ending inventory by the conventional retail inventory method.