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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
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