The records of Whispering's Boutique report the following data for the month of April. Sales revenue $98,700 Purchases (at cost) $45,500 Sales returns 2,000 Purchases (at sales price) 90,400 Markups 9,300 Purchase returns (at cost) 2,000 Markup cancellations 1,400 Purchase returns (at sales price) 3,100 Markdowns 9,500 Beginning inventory (at cost) 34,755 Markdown cancellations 2,800 Beginning inventory (at sales price) 46,300 Freight on purchases 2,400 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 $

The records of Whispering's Boutique report the following data for the month of April. Sales revenue $98,700 Purchases (at cost) $45,500 Sales returns 2,000 Purchases (at sales price) 90,400 Markups 9,300 Purchase returns (at cost) 2,000 Markup cancellations 1,400 Purchase returns (at sales price) 3,100 Markdowns 9,500 Beginning inventory (at cost) 34,755 Markdown cancellations 2,800 Beginning inventory (at sales price) 46,300 Freight on purchases 2,400 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 $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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