### Culver's Boutique: Retail Inventory Data for April#### Sales Information- **Sales Revenue:** $103,800- **Sales Returns:** $1,900#### Markups and Markdowns- **Markups:** $9,300- **Markup Cancellations:** $1,600- **Markdowns:** $9,600- **Markdown Cancellations:** $2,700#### Purchases- **Purchases (at cost):** $43,800- **Purchases (at sales price):** $92,200- **Purchase Returns (at cost):** $1,900- **Purchase Returns (at sales price):** $2,800- **Freight on Purchases:** $2,300#### Inventory Data- **Beginning Inventory (at cost):** $26,550- **Beginning Inventory (at sales price):** $44,400### TaskCompute the ending inventory by the conventional retail inventory method. **Note:** Round ratios for computational purposes to 0 decimal places, e.g., 78%, and the final answer to 0 decimal places, e.g., 28,987.**Ending Inventory Using Conventional Retail Inventory Method:**$ [Enter Final Answer Here] $

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Description: ### Culver's Boutique: Retail Inventory Data for April#### Sales Information- **Sales Revenue:** $103,800- **Sales Returns:** $1,900#### Markups and Markdowns- **Markups:** $9,300- **Markup Cancellations:** $1,600- **Markdowns:** $9,600- **Markdown

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The records of Culver's Boutique report the following data for the month of April. Sales revenue $103,800 Purchases (at cost) $43,800 Sales returns 1,900 Purchases (at sales price) 92,200 Markups 9,300 Purchase returns (at cost) 1,900 Markup cancellations 1,600 Purchase returns (at sales price) 2,800 Markdowns 9,600 Beginning inventory (at cost) 26,550 Markdown cancellations 2,700 Beginning inventory (at sales price) 44,400 Freight on purchases 2,300 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method

The records of Culver's Boutique report the following data for the month of April. Sales revenue $103,800 Purchases (at cost) $43,800 Sales returns 1,900 Purchases (at sales price) 92,200 Markups 9,300 Purchase returns (at cost) 1,900 Markup cancellations 1,600 Purchase returns (at sales price) 2,800 Markdowns 9,600 Beginning inventory (at cost) 26,550 Markdown cancellations 2,700 Beginning inventory (at sales price) 44,400 Freight on purchases 2,300 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method

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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