Compute ending inventory by the conventional retail inventory method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Compute ending inventory by the
conventional retail inventory method.
(Round percentages for computational
purposes to 1 decimal place, e.g.
0.4158 to 41.6% and final answer to 0
decimal places, e.g. 5,275.)
Cost
Retail
Beginning inventory
Purchases
Freight on purchases
89,100
Markups
Markup cancellations
Abnormal shortage.
16,500
H
Markdowns
Markdown cancellations i
Employee discounts
Sales revenue
Sales returns
Normal shortage
Purchase returns
$467.500 $825.000
2,090,000 3,685,000
24,200
192,500
154,000
28,600
96,800
13,200.
5,720
3,932.500
110,000
19.250
45,100
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