(Retail Inventory Method) The records of Mandy’s Boutique report the following data for the month of April.
|
Sales |
$95,000 |
Purchases (at cost) |
$55,000 |
|
Sales returns |
2,000 |
Purchases (at sales price) |
88,000 |
|
Markups |
10,000 |
Purchase returns (at cost) |
2,000 |
|
Markup cancellations |
1,500 |
Purchase returns (at sales price) |
3,000 |
|
Markdowns |
9,300 |
Beginning inventory (at cost) |
30,000 |
|
Markdown cancellations |
2,800 |
Beginning inventory (at sales price) |
46,500 |
|
Freight on purchases |
2,400 |
Instructions
Compute the ending inventory by the conventional retail inventory method.