The records of Air Bud's Boutique report the following data for the month of April. Sales revenue $116,300 Purchases (at cost) $51,500 Sales returns 6,100 Purchases (at sales price) 88,500 Markups 9,100 Purchase returns (at cost) 2,100 Markup cancellations 1,700 Purchase returns (at sales price) 3,000 Markdowns 7,800 Beginning inventory (at cost) 17,564 Markdown cancellations 1,900 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

The records of Air Bud's Boutique report the following data for the month of April. Sales revenue $116,300 Purchases (at cost) $51,500 Sales returns 6,100 Purchases (at sales price) 88,500 Markups 9,100 Purchase returns (at cost) 2,100 Markup cancellations 1,700 Purchase returns (at sales price) 3,000 Markdowns 7,800 Beginning inventory (at cost) 17,564 Markdown cancellations 1,900 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

Name: Please do not give solution in image format thanku The records of Air
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Description: Please do not give solution in image format thanku The records of Air Bud's Boutiquereport the following data for themonth of April.Sales revenue $116,300 Purchases (atcost) $51,500Sales returns 6,100 Purchases (atsales price) 88,500Markups 9,100 Pur

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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