The records of Sheffield's Boutique report the following data for the month of April. Sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $95,000 1,900 9,700 1,300 10,200 2,700 2,400 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) Ending inventory using conventional retail inventory method $45,500 $ 87,900 1,900 2,900 34,889 Compute the ending inventory by the conventional retail inventory method. (Round answer to O decimal places, e.g. 28,987.) 43,700
The records of Sheffield's Boutique report the following data for the month of April. Sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $95,000 1,900 9,700 1,300 10,200 2,700 2,400 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) Ending inventory using conventional retail inventory method $45,500 $ 87,900 1,900 2,900 34,889 Compute the ending inventory by the conventional retail inventory method. (Round answer to O decimal places, e.g. 28,987.) 43,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The records of Sheffield's Boutique report the following data for the month of April.
Sales revenue
Sales returns
Markups
Markup cancellations
Markdowns
Markdown cancellations
Freight on purchases
$95,000
1,900
9,700
1,300
10,200
2,700
2,400
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)
Ending inventory using conventional retail inventory method
$45,500
87,900
1,900
$
2,900
34,889
Compute the ending inventory by the conventional retail inventory method. (Round answer to O decimal places, e.g. 28,987.)
43,700
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