The records of Novak Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases (a) Ending inventory, at retail Ending inventory, at cost $118,700 2,700 12,300 2,600 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) 3,700 Beginning inventory (at sales price) 4,600 $ Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g 15.21% and the final answers to O decimal places, e.g. 5,275.) $ 9,500 $68,900 112,000 2,800 4,200 34,900 48,300
The records of Novak Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases (a) Ending inventory, at retail Ending inventory, at cost $118,700 2,700 12,300 2,600 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) 3,700 Beginning inventory (at sales price) 4,600 $ Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g 15.21% and the final answers to O decimal places, e.g. 5,275.) $ 9,500 $68,900 112,000 2,800 4,200 34,900 48,300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![The records of Novak Menswear report the following data for the month of September:
Sales
Sales returns
Additional markups
Markup cancellations
Markdowns
Markdown cancellations
Freight on purchases
(a)
Ending inventory, at retail
$118,700
Ending inventory, at cost
$
LA
2,700
$
12,300
2,600
9,500
3,700
4,600
Purchases (at cost)
Purchases (at sales price)
Purchase returns (at cost)
Purchase returns (at sales price)
Beginning inventory (at cost)
Beginning inventory (at sales price)
Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g.
15.21% and the final answers to O decimal places, e.g. 5,275.)
$68,900
112,000
2,800
4,200
34,900
48,300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8c9bd05f-6074-441f-9db3-22fefc0ae245%2F2df6a8da-2893-4526-a65c-0c279a89ee4d%2F03c1llp_processed.png&w=3840&q=75)
Transcribed Image Text:The records of Novak Menswear report the following data for the month of September:
Sales
Sales returns
Additional markups
Markup cancellations
Markdowns
Markdown cancellations
Freight on purchases
(a)
Ending inventory, at retail
$118,700
Ending inventory, at cost
$
LA
2,700
$
12,300
2,600
9,500
3,700
4,600
Purchases (at cost)
Purchases (at sales price)
Purchase returns (at cost)
Purchase returns (at sales price)
Beginning inventory (at cost)
Beginning inventory (at sales price)
Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g.
15.21% and the final answers to O decimal places, e.g. 5,275.)
$68,900
112,000
2,800
4,200
34,900
48,300
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