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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku

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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