The records of Shamrock's Boutique report the following data for the month of April. Sales revenue $96,600 Purchases (at cost) Sales returns 2,000 Purchases (at sales price) 9,800 Purchase returns (at cost) 1,600 Purchase returns (at sales price) 8,800 Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases 2,800 2,400 Beginning inventory (at cost) Beginning inventory (at sales price) $47,900 91,000 2,000 3,000 26,007 49,500 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 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 Shamrock's Boutique report the following data for the month of April. Sales revenue $96,600 Purchases (at cost) Sales returns 2,000 Purchases (at sales price) 9,800 Purchase returns (at cost) 1,600 Purchase returns (at sales price) 8,800 Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases 2,800 2,400 Beginning inventory (at cost) Beginning inventory (at sales price) $47,900 91,000 2,000 3,000 26,007 49,500 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The records of Shamrock's Boutique report the following data for the month of April.
Sales revenue
$96,600
Purchases (at cost)
Sales returns
2,000
Purchases (at sales price)
9,800
Purchase returns (at cost)
1,600
Purchase returns (at sales price)
8,800
2,800
2,400
Markups
Markup cancellations
Markdowns
Markdown cancellations
Freight on purchases
Beginning inventory (at cost)
Beginning inventory (at sales price)
$47,900
91,000
2,000
3,000
26,007
49,500
Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78%
and final answer to 0 decimal places, e.g. 28,987.)
Ending inventory using conventional retail inventory method
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