The records of Now United Department Store report the following data for the month of January 2020: Sales P7,100,000 Sales allowance 100,000 Sales returns 500,000 Employee discounts 200,000 Theft and other losses 100,000 Initial markup on purchases 2,900,000 Additional mark up 250,000 Mark up cancellations 100,000 Mark down 600,000 Mark down cancellations 100,000 Freight on purchases 100,000 Purchases at cost 4,500,000 Purchase returns at cost 240,000 Purchase returns at sales price 350,000 Beginning inventory at cost 440,000 Beginning inventory at sales price 800,000 Using the conservative retail inventory method, Now United’s ending inventory is?
The records of Now United Department Store report the following data for the month of January 2020: Sales P7,100,000 Sales allowance 100,000 Sales returns 500,000 Employee discounts 200,000 Theft and other losses 100,000 Initial markup on purchases 2,900,000 Additional mark up 250,000 Mark up cancellations 100,000 Mark down 600,000 Mark down cancellations 100,000 Freight on purchases 100,000 Purchases at cost 4,500,000 Purchase returns at cost 240,000 Purchase returns at sales price 350,000 Beginning inventory at cost 440,000 Beginning inventory at sales price 800,000 Using the conservative retail inventory method, Now United’s ending inventory is?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The records of Now United Department Store report the following data for the month of January 2020:
Sales P7,100,000
Sales allowance 100,000
Sales returns 500,000
Employee discounts 200,000
Theft and other losses 100,000
Initial markup on purchases 2,900,000
Additional mark up 250,000
Mark up cancellations 100,000
Mark down 600,000
Mark down cancellations 100,000
Freight on purchases 100,000
Purchases at cost 4,500,000
Purchase returns at cost 240,000
Purchase returns at sales price 350,000
Beginning inventory at cost 440,000
Beginning inventory at sales price 800,000
Using the conservative retail inventory method, Now United’s ending inventory is?
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