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Compute the ending inventory as indicated below. a. Ending inventory using conventional (LCM) retail inventory method b. Ending inventory using LIFO retail inventory method

Compute the ending inventory as indicated below. a. Ending inventory using conventional (LCM) retail inventory method b. Ending inventory using LIFO retail inventory method

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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$106,300 7. Sales revenue The records of Air Bud's Boutique report the following data for the month of April. Purchases (at cost) $51,500 Sales returns 2,100 Purchases (at sales price) 88,500 Markups 10,100 Purchase returns (at cost) 2,100 Markup cancellations 1,700 Purchase returns (at sales price) 3,000 Markdowns 9,800 Beginning inventory (at cost) 17,564 Markdown cancellations 2.900 Beginning inventory (at sales price) 42.500 Freight on purchases 2,600 Compute the ending inventory as indicated below. a. Ending inventory using conventional (LCM) retail inventory method b. Ending inventory using LIFO retail inventory method
Transcribed Image Text:$106,300 7. Sales revenue The records of Air Bud's Boutique report the following data for the month of April. Purchases (at cost) $51,500 Sales returns 2,100 Purchases (at sales price) 88,500 Markups 10,100 Purchase returns (at cost) 2,100 Markup cancellations 1,700 Purchase returns (at sales price) 3,000 Markdowns 9,800 Beginning inventory (at cost) 17,564 Markdown cancellations 2.900 Beginning inventory (at sales price) 42.500 Freight on purchases 2,600 Compute the ending inventory as indicated below. a. Ending inventory using conventional (LCM) retail inventory method b. Ending inventory using LIFO retail inventory method
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