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The records of Wildhorse's Boutique report the following data for the month of April. Sales revenue $103,700 Purchases (at cost) $50,700 Sales returns 2,100 Purchases (at sales price) 95,600 Markups 9,600 Purchase returns (at cost) 2,100 Markup cancellations 1,600 Purchase returns (at sales price) 3,200 Markdowns 8,700 Beginning inventory (at cost) 26,376 Markdown cancellations 3,000 Beginning inventory (at sales price) 48,400 Freight on purchases 2,400

The records of Wildhorse's Boutique report the following data for the month of April. Sales revenue $103,700 Purchases (at cost) $50,700 Sales returns 2,100 Purchases (at sales price) 95,600 Markups 9,600 Purchase returns (at cost) 2,100 Markup cancellations 1,600 Purchase returns (at sales price) 3,200 Markdowns 8,700 Beginning inventory (at cost) 26,376 Markdown cancellations 3,000 Beginning inventory (at sales price) 48,400 Freight on purchases 2,400

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 Wildhorse's Boutique report the following data for the month of April. Sales revenue $103,700 Purchases (at cost) $50,700 Sales returns 2,100 Purchases (at sales price) 95,600 Markups 9.600 Purchase returns (at cost) 2,100 Markup cancellations 1,600 Purchase returns (at sales price) 3,200 Markdowns 8,700 Beginning inventory (at cost) 26,376 Markdown cancellations 3,000 Beginning inventory (at sales price) 48,400 Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method. (Round answer to 0 decimal places, eg. 28,987) Ending inventory using conventional retail inventory method $
Transcribed Image Text:The records of Wildhorse's Boutique report the following data for the month of April. Sales revenue $103,700 Purchases (at cost) $50,700 Sales returns 2,100 Purchases (at sales price) 95,600 Markups 9.600 Purchase returns (at cost) 2,100 Markup cancellations 1,600 Purchase returns (at sales price) 3,200 Markdowns 8,700 Beginning inventory (at cost) 26,376 Markdown cancellations 3,000 Beginning inventory (at sales price) 48,400 Freight on purchases 2,400 Compute the ending inventory by the conventional retail inventory method. (Round answer to 0 decimal places, eg. 28,987) Ending inventory using conventional retail inventory method $
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