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The records of Stellar's Boutique report the following data for the month of April. Sales revenue $100,100 Purchases (at cost) $47,400 Sales returns 1,900 Purchases (at sales price) 95,300 Markups 9,500 Purchase returns (at cost) 1,900 Markup cancellations 1,500 Purchase returns (at sales price) 2,900 Markdowns 9,800 Beginning inventory (at cost) 37,344

The records of Stellar's Boutique report the following data for the month of April. Sales revenue $100,100 Purchases (at cost) $47,400 Sales returns 1,900 Purchases (at sales price) 95,300 Markups 9,500 Purchase returns (at cost) 1,900 Markup cancellations 1,500 Purchase returns (at sales price) 2,900 Markdowns 9,800 Beginning inventory (at cost) 37,344

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The records of Stellar's Boutique report the following data for the month of April. Sales revenue $100,100 Purchases (at cost) $47,400 Sales returns 1,900 Purchases (at sales price) 95,300 Markups 9,500 Purchase returns (at cost) 1,900 Markup cancellations 1,500 Purchase returns (at sales price) 2,900 Markdowns 9,800 Beginning inventory (at cost) 37,344 Markdown cancellations 2,800 Beginning inventory (at sales price) 48,800 Freight on purchases 2,200 Compute the ending inventory by the conventional retail inventory method. (Round answer to O decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method +A $ 45000
Transcribed Image Text:The records of Stellar's Boutique report the following data for the month of April. Sales revenue $100,100 Purchases (at cost) $47,400 Sales returns 1,900 Purchases (at sales price) 95,300 Markups 9,500 Purchase returns (at cost) 1,900 Markup cancellations 1,500 Purchase returns (at sales price) 2,900 Markdowns 9,800 Beginning inventory (at cost) 37,344 Markdown cancellations 2,800 Beginning inventory (at sales price) 48,800 Freight on purchases 2,200 Compute the ending inventory by the conventional retail inventory method. (Round answer to O decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method +A $ 45000
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