The records of Ellen’s Boutique report the following data for the month of April. Sales revenue $99,000 Purchases (at cost) $48,000 Sales returns 2,000 Purchases (at sales price) 88,000 Markups 10,000 Purchase returns (at cost) 2,000 Markup cancellations 1,500 Purchase returns (at sales price) 3,000 Markdowns 9,300 Beginning inventory (at cost) 30,000 Markdown cancellations 2,800 Beginning inventory (at sales price) 46,500 Freight on purchases 2,400 Instructions Compute the ending inventory by the conventional retail inventory method. The records of Ellen’s Boutique report the following data for the month of April. Sales revenue $99,000 Purchases (at cost) $48,000 Sales returns 2,000 Purchases (at sales price) 88,000 Markups 10,000 Purchase returns (at cost) 2,000 Markup cancellations 1,500 Purchase returns (at sales price) 3,000 Markdowns 9,300 Beginning inventory (at cost) 30,000 Markdown cancellations 2,800 Beginning inventory (at sales price) 46,500 Freight on purchases 2,400 Instructions Compute the ending inventory by the conventional retail inventory method. The records of Ellen’s Boutique report the following data for the month of April. Sales revenue $99,000 Purchases (at cost) $48,000 Sales returns 2,000 Purchases (at sales price) 88,000 Markups 10,000 Purchase returns (at cost) 2,000 Markup cancellations 1,500 Purchase returns (at sales price) 3,000 Markdowns 9,300 Beginning inventory (at cost) 30,000 Markdown cancellations 2,800 Beginning inventory (at sales price) 46,500 Freight on purchases 2,400 Instructions Compute the ending inventory by the 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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Instructions

Compute the ending inventory by the conventional retail inventory method.

The records of Ellen’s Boutique report the following data for the month of April.

Sales revenue	$99,000	Purchases (at cost)	$48,000
Sales returns	2,000	Purchases (at sales price)	88,000
Markups	10,000	Purchase returns (at cost)	2,000
Markup cancellations	1,500	Purchase returns (at sales price)	3,000
Markdowns	9,300	Beginning inventory (at cost)	30,000
Markdown cancellations	2,800	Beginning inventory (at sales price)	46,500
Freight on purchases	2,400

Instructions

Compute the ending inventory by the conventional retail inventory method.

The records of Ellen’s Boutique report the following data for the month of April.

Sales revenue	$99,000	Purchases (at cost)	$48,000
Sales returns	2,000	Purchases (at sales price)	88,000
Markups	10,000	Purchase returns (at cost)	2,000
Markup cancellations	1,500	Purchase returns (at sales price)	3,000
Markdowns	9,300	Beginning inventory (at cost)	30,000
Markdown cancellations	2,800	Beginning inventory (at sales price)	46,500
Freight on purchases	2,400

Instructions

Compute the ending inventory by the conventional retail inventory method.

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