The records of Pronghorn Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $118,000 3,000 11,200 1,600 10,100 3,000 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) $59,100 118,000 3,500 3,500 34,762 49,600
The records of Pronghorn Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $118,000 3,000 11,200 1,600 10,100 3,000 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) $59,100 118,000 3,500 3,500 34,762 49,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5.
Transcribed Image Text:The records of Pronghorn 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
$118,000
Ending inventory, at cost
Purchases (at cost)
Purchases (at sales price)
Purchase returns (at cost)
Purchase returns (at sales price)
10,100 Beginning inventory (at cost)
$
$
3,000
11,200
1,600
3,000
4,600
Beginning inventory (at sales price)
$59,100
118,000
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 0 decimal places, e.g. 5,275.)
3,500
3,500
34.762
49,600
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